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COMB:C000275886Member 2026-05-26 2026-05-26 0001689873 COMB:C000275911Member 2026-05-26 2026-05-26 0001689873 COMB:C000275887Member 2026-05-26 2026-05-26 0001689873 COMB:C000275919Member 2026-05-26 2026-05-26 iso4217:USD pure false 0001689873 485BPOS 2026-05-26 2026-05-26 N-1A GraniteShares ETF Trust 2026-05-26 Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zAGZDf0upmoa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of C3.ai Inc (NYSE: AI).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zaFqjEToovF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_z78A5NIHX2Vi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_znfExSvQeNvd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20260526__20260526__oef--ClassAxis__custom--C000275883Member_zZ8hOZ1fOCRi" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zIzDu47uPQC8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAdwdgKQMf5c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0026">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zqFISwn4aVth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F48_zPtdktAQC88l">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_z9diNuY1CQwa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4A_zthT5E6TJqEd">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zGrDX6KVn7ia" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4E_zEoSmzEgSjN3">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0032">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zNV8pV33IaXc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span>^{<span id="xdx_F43_zPBUxAGk1Ufd" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)(2)(3)</span>}</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0F_z5rAipqzTXQ4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zy2rCtMd8US8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_zkH9j0pUikf6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zPsxa2hv2B9j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F02_zySVXSy2sMXb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_z2z27EoCWDo7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zeRdovua1OHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zuPtj6RYb6E"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zNlgcCkVRdUi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275883Member_zlBd1XyZcvx9" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275883Member_zY0LrMq93Njj" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zXgJZk3697q9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zCy40soJQAK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a data and artificial intelligence (“AI”) company, which offers a unified, open analytics platform for deploying, sharing, and maintaining enterprise-grade data, analytics, and AI solutions at scale. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-250082 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zXooD0U6xo83" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zxOJlkVLOjHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zh1CHVJ2FFv6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">150%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.9%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.6%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.1%</span></td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">98.4%</span></td></tr> <tr> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-97.5%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-96.4%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-95.1%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-93.5%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-91.8%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-89.6%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-87.7%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-85.3%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-82.4%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-80.0%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-76.5%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-69.3%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-69.3%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-66.5%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-61.9%</span></td></tr> <tr> <td style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 79.50%. During the period observed the Underlying Stock’s highest volatility rate over the observed period was 100.73% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -32.2%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zJfVtyk9Tlyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zVh8b3pGe6G9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zzMypzoFczMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zjrGUoayL4B2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zZLslYDBpZR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z3IiLmldGLP7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zVpKfjXdvnOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zCxQN6bzBUqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zTod7KjtsBj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zmGrUUHCGGjk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zg8fHUv7nvVl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zErhagdmrW65" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z4HWHaCX8UTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zs8Od7krOPab" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_z5BkvUCQHusd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zMnyq7fIPeui" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zzw2WKZmQzld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zvV1QQgK4Jtd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105146Member_zLUS5Ty7URNl">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z8QMfhjaqya2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of C3.ai, Inc. (NYSE: AI) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zA5G5l1quOI" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zIil7nBjTzBj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zuKa2uNeLDu4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20260526__20260526__oef--ClassAxis__custom--C000275898Member_zIrRGI5bh6m5" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zTdbYaKpBZkc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zt159SHvPJGh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0078">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zG4uDRJ8fzCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4B_zHMHSkxODiY1">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_z7F1oE8nTDg5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F42_ze3Y5YmTIHJf">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zGVPPaOm6Ar2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4C_zDQbBhYPpE5b">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0084">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zJOjE1ouqYq1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F47_zXTw2EWfBmw2" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F08_z1en8K32U2Md" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zgQn8gYUHdRi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F04_zUwKIzb82Mki" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zYhYS0UD5ktc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F06_zdun2jRzZoM" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zdQQEGV2i9w" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zqOoJjo5fuke" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaV403G9dYHd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zo4Wh8WJZqz8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275898Member_z6KLhc8Jj7v8" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275898Member_zxBTsgBsDyIi" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_z3xR6gw6HEqg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zEoBHhjtaPsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a data and artificial intelligence (“AI”) company, which offers a unified, open analytics platform for deploying, sharing, and maintaining enterprise-grade data, analytics, and AI solutions at scale. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-250082 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_zL9K4gtKBYo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zp9VLUf3XqNj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zhxsmzefw1Kj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">150%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-53.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-89.3%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-97.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.4%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.7%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt dotted; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 79.50%. During the period observed the Underlying Stock’s highest volatility rate over that period was 100.73% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -32.22%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zVtTgl4NJwO" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_z9ANDZbJHuFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zvp3TtdMQxUb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zBkFqO4H5aHg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zbQLnbzkzhy2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zxS18raf1Rsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z4T3iyLdEuz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zgl52gudsUY4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zkZCmTkXpyw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zz7PaacCrPzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_z2Fd2VWp2hla" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zV1y6yFXrMJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zvXfcpGD8QRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z4eP7fPBxxk6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zMJJyxbzZhBe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zr5IagkiXcK8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zEtTp03OIw9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zeq1w9nTBQi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105161Member_zmFIZ6E6IVqh">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zH0sYYHzguo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of AppLovin Corporation (NASDAQ: APP).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zQDEYNCOwwBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zE8wxIAyxhqc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zO8i4dFLVEs6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20260526__20260526__oef--ClassAxis__custom--C000262878Member_zcAEBeOKGKA2" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_z1bf1z0b3cZ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z83HEOSjtypl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0130">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zzgh3AIesUP7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F40_z6uyNmlKaAqb">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zIy68W3DsSlf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4D_zeVj6xuqiA8c">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zWeoE17JhmQ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F45_zAjUJsIwzK56">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0136">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_z4lVxZOK7sgf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F4B_zKGvb2IAbsg7" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0E_zNPkM74toV48" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zuHpwKnFkPeh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F06_zPQiRzN2axr3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_z0dXRnL8qaw8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F03_z1eSpfx52U05" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zvvm0BCucZoi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zrBpUZq8JL51" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCNAodRQmlBk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zTGGfyR9HErd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000262878Member_z75RJUn80yQc" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000262878Member_zRRuP91eQMi9" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zwPaqRg299g5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zjbqXTZmQLKl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a marketing platform. The Underlying Stock provides end-to-end software and artificial intelligence (AI) solutions for businesses to reach, monetize and grow their global audiences. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-272328 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zibuWn6AXWhk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z6fAySMV50Pj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zWLuXkO3xDOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 79.10%. During the period observed the Underlying Stock’s highest volatility rate over that period was 93.96% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 1.66%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zyjAHjvUWIhc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zhABVZVnVNAg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zf4LRxWytEs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z7SoznjySsjh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zwoClY7gON1j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zyv0RPy2leRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_ziBuQzAERExj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zPyD44UU0LMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_z23TChhxJWa4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zS4W7xQYt9S2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_z02BHjwu5MI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z2LU3fwbLz1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zHTnIVdugR8e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zRv23g4NC8ti" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zYnegJo7Jnsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_z7iEBP142fm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zWJkkQzaPi3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_znwO6aHhsLUa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000094376Member_zcYiQhsAwaXd">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zR3fCdUHOpa2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of AppLovin Corporation (NASDAQ: APP) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zLfKOnVD1Mid" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zz4d7YzdhSo8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zBbUj9me1Rh8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20260526__20260526__oef--ClassAxis__custom--C000275899Member_zTDaIDIOWwG3" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zErc4BjU5Yta" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zy6glVDzKFA7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0182">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zVcMH4VCYMT4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F40_zeCl8cTJTwAf">(1)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zjYxDDomoPY6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4A_z5Szc8wvg69e">(2)</sup></span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z49PU2V5Njw8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4B_zMDm0Db6KHd">(3)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0188">-</span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zUxfs0XOoZO7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F46_zcvtbRhph5e9" style="display: none">(1)(2)(3)</sup></span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F07_z7raUKlG31e6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zJZUCMye4p5a" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F02_zu56oYr97HRa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zYRdsGbMO1pj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F00_zdOZrIeWWndb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_z9D6FPdm6Ccf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zfbo1L3rDTH1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyh40IdHgpUb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zznC3bAdvzQd" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td id="xdx_989_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275899Member_zmtBfyAuyb9" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td id="xdx_984_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275899Member_zWTw1kH8ViA3" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">713</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zKYR8LdRHAf8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z159ioeCxqs2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a marketing platform. The Underlying Stock provides end-to-end software and artificial intelligence (AI) solutions for businesses to reach, monetize and grow their global audiences. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-272328 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zM4PzLcATpri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z8i9f3aEmBfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zwR8k20r9wp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 79.10%. During the period observed the Underlying Stock’s highest volatility rate over that period was 93.96% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 1.66%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z0mX8t7l7vL5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zI7wy9lKiTzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zgrIl4UoHLt7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zKdRXmNZ0np9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zIynYlT5pBQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zBPegOU6q9P7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z8yzAFzf4lue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zEHuNa8NQmTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_znAD2CfDCAsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zPTtOULPLMc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zetxlrhqtkjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zq9K0vUWktk8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zcJVTL8OzRd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zj35VPgQFa56" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_z6oW8dJztd5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_z7fZqkx8pKfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z6JlF0nSIOKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_z2LDW6KBM0P8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105162Member_z6NN6khRDWS3">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_z2xwIqwOJ3Gj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of AST SpaceMobile, Inc. (NASDAQ: ASTS).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zOydqsA5NcF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_z0ubnfwXug33"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z5XVJhCBKD7d" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20260526__20260526__oef--ClassAxis__custom--C000275894Member_zZ5TAk8NLBj1" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zn3KzHleQz75" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zf0hTKucS6n7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0234">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zAlyIUUBS5nh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F41_zymHXh71xAAa">(1)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zhr5zVDl2myi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F43_znihtRwSQwTj">(2)</sup></span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zzoSRnLnq7Ea" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F47_zMbXJenPPgCc">(3)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0240">-</span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zG93sjQbPWpd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F4F_z2bFLPxas9wg" style="display: none">(1)(2)(3)</sup></span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F03_zEUsr3jgU7Wk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zscImG5mAKLh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zxSWvZMkP8me" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zZkOjT0Hxtq8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zgnaKnZY8Kr1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_ze3IcFyrASab" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zf9toee6iPn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBuXE4Oa0Tda"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zHj3f0KbhcH5" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275894Member_zSubez6MKiSa" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275894Member_zSJxfKBbmTId" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zFhgeFTSE1c2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zhSzKCmXQJai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is engaged in building a global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on its intellectual property (IP) and patent portfolio and designed for both commercial and government applications. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-280110 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_zLGETs0xX8V" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zXwZZo1xApu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications equipment industry can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid product obsolescence and research and development of new products. Technological innovations may make the products and services of telecommunications companies obsolete. Other risks include uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zKEsn5oKu3bl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 112.2%. During the period observed the Underlying Stock’s highest volatility rate over this period was 156.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 55.4%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zz4f0tFHdASk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zfWGcDQBMksi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zmp3GQFvqxb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zhGWVVLln9u4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zVoKXmYZm6A2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zAgZ2TiYZJT1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zrgQNXUEzbS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zbW3tEAgrEZj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zlCNcuEqBm6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zOXaMQ5QERka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zNvZaVLNyDug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zVY8meqGVPh4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zia3APi0Soyd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zwATTnP60jVl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zYYzi8UJAg52" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zkI9Fcgq5pk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zw6AnVvvpewj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zzjxBhQfgns9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105157Member_zPmwlgwqIabk">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zAm6QogGcGL2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of AST SpaceMobile, Inc. (NASDAQ: ASTS) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zhAKZOV5hi11" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zpXk8fcXgckd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zoDmbetk0xgh" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20260526__20260526__oef--ClassAxis__custom--C000275900Member_zQTGT21f7Qz" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_z4ULmwOXX5o9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5ifV3dpzBwe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0286">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zzku9UTwqFlc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F47_zZhQseZmDPV5">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zTF3M5SuvB5d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F41_zxmVbJc6kBk7">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zQHmGEo99dLj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F48_zzR8JI4QIS71">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0292">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zvWsDXkZano4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F47_zdV7iHnsrBVf" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F00_zMSqKnUT2nJf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zMPtn2v4uqme" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_zuGhuGCR1Onc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_z4QOaNxl20t5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F06_zrpkm9MydYo3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zA4kY4PE0TTa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zbLIE5JS1QKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zlE1Or42uy17"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z3flnVWVZI97" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275900Member_zXJv78fpo3t4" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275900Member_zZI4gKELHeog" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zDJ85fzwd1uf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zpxWVavcOdE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is engaged in building a global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on its intellectual property (IP) and patent portfolio and designed for both commercial and government applications. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-333-280110 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_z82ldFJLNwI3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zFBLYbBdeJoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications equipment industry can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid product obsolescence and research and development of new products. Technological innovations may make the products and services of telecommunications companies obsolete. Other risks include uncertainties resulting from such companies’ diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zplM18FeQaS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 112.2%. During the period observed the Underlying Stock’s highest volatility rate over this period was 156.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 55.4%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zbWoiptvwoO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zKidXA8vOjuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zBAPmegNYYql" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zBnKvKf9CQle" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zlBc8LVLuPxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zf2z8VcPJ485" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z43zexIF3KG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zkOipFczDMXc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zcOtJiHu5lzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zdlR608IO4zh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zadahiSsUln5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z9XdyxXvoR3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z7C2GESmsCs" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zT2j8DDnECV6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zbRdWlOrEhqe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zXV4SEs1UXn7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zO9SNM6U1at4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_znfGhJ27bpba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105163Member_zlg8vPdAC4M">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zK5DBPQFiLSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of BlackBerry Limited (NYSE: BB).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_z5QyDPYYBzcc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zsgQLOTmKQc9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zb8EF1d63uYg" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20260526__20260526__oef--ClassAxis__custom--C000275905Member_zgoKQ1Mwi5Dd" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zKMIw3doyI2f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z2aIx3iBedGc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0338">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zzcJemJ37DSi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4A_z3RiNhTBDQTf">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zHDBD8rBJyJc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F49_zqhhkhrZt1Dh">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z5hBkjZu3o53" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F41_z5c0Gc6B9lY2">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0344">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zuXJtkRe1cic" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F4A_zjnqpKXqvnTi" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F01_zpqtehHnXc6c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_z3S5AiiPCzN6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F01_zrmYHrENjYb6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zf9We6eO7Ot5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0E_zCzxaI3EAwyg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zeqKFuMuDzbc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zPvmEbBWSmv1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdprbi2KkHUi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z2EqtMvoO049" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275905Member_zJSjNQt8kfz8" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275905Member_zBccfY62tiBa" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zVfm29dYjgK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zeYu4JhnATLa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a Canada-based company, which provides enterprises and governments the intelligent software and services. The Company delivers operational resiliency with the certified product portfolio for mobile fortification, mission-critical communications, and critical events management. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-280983 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_zIoKp8cReMLi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zTmkyCRJH5Yc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zcMVp4U68699" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 60.3%. During the period observed the Underlying Stock’s highest volatility rate over this period was 68.9% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -8.9%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zYIuDMWKstA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_znUuQ0Ze2G75" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z9abJLa4J646" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zF9Q1JhxfZUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zMiBCsZ1gQr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zX6YPICT35Z" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zjylVnYj7db1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z4fA3JgmGq63" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zNU34SWLqwmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z1U75wyOrxuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_z6mbXsDuufof" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z7Ydng4NbXIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zXrsv3ddTWI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zi7xvNYIZ7u3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zQnyrWEUzDn6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zq96QeX4zEpa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_ztUSseIzli97" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_ze8jdme7ryxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105168Member_zfFuB2GY8O7b">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zEQrqwHzBfIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of BlackBerry Limited (NYSE: BB) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zswOhLB0lZji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zXqHIpBKkeWa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zAhY6G25AXc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20260526__20260526__oef--ClassAxis__custom--C000275901Member_zjm7i17KMHc6" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zZz17PNBqbxg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0JKife4Soc1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0390">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zUfBaXYXpxlc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F40_zOKR1ILTzyMj">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_z7TfjMsneqzc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F49_ztwFzDEZMf0f">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zMju8H91avGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4E_z4FuYFC686si">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0396">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zRdjeBTb1EIf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F4B_zA7D157OI3Jf" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0A_zJ5hZ8uqJ987" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zp8WReYPobI1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_z3NRXgbr9asf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zzbsXDnisFPg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0A_zN8Bv13QRwE6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zcmkafzyI7oh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zeoalH8nTtGi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMdvgdgVnf0e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zxAv7lzApsmf" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275901Member_ze2BnHDCspnk" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275901Member_zGvbeyIfu8u8" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zKcP9T5BGmpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z57oaBBHOGO2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a Canada-based company, which provides enterprises and governments the intelligent software and services. The Company delivers operational resiliency with the certified product portfolio for mobile fortification, mission-critical communications, and critical events management. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-280983 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_zK6K4Pqs3qpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zccN6Zs5qno" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zmrh8qRIbhT6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 60.3%. During the period observed the Underlying Stock’s highest volatility rate over this period was 68.9% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -8.9%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zbaueO0SGflh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zSYXsR871H52" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zus4heielJC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zfne7RkomkY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zO5pSOzoeGe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zaxEVsBrjvx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zelD1IMNPXme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zuJbEoAGM31c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zZ3JAUKKxQRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z2EtBobbstAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zBM5RL5rrI69" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_ziPKu54jDyc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zFSbOBTpdBff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z1XbGvizRXUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zx72eXoPa0N4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_z1LA2o4hkbZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zQhCwLtbkrAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zCliqONqdw8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105164Member_zyocYuHNBDJb">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zwW2X0MfM4v" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Bitmine Immersion Technologies, Inc. (NASDAQ: BMNR).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zhfkyQcslThc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zzEAsHKzWtkh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_ziTwweIhxa93" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20260526__20260526__oef--ClassAxis__custom--C000275916Member_zlTt4bNbjlQj" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zdX4teFWCWc4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zubZCbCR3yph" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0442">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zFDvEmU9hEAd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F42_zFU0MGpaf32k">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zoPlJrFeAmEd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F45_zro0Je8raVj7">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z3XA2DNkjKtg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4B_zgOZmPp2tWM4">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0448">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zu9DEYDtsgx7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F46_zVjhz3aWN1Yk" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F04_z6EHsqEc9Gpb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zlV4aSCD2W2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0E_zEHP3q9VOQs2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zI29QpnKFM0k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F09_zXxyKiRgsG2d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zDkMBk8dH9k1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zHmbrhmghFOe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPexO4zvVFOc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zfu32Cv6WOd9" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275916Member_z6KETT910Xek" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275916Member_z0G048xo670a" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zPSSPsfnono3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zGVsSh3QJHMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock operates as a blockchain technology company and digital asset platform. The company holds a large Ethereum (ETH) treasury and participates in staking to generate rewards from its ETH holdings. The Underlying Stock 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 the Underlying Stock 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 the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_zxvkGviiReMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zagm0kHVJxN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock holds digital assets, as part of its corporate treasury operations. The market value of digital assets is highly volatile and may be subject to significant price fluctuations, which could materially adversely affect the Underlying Security’s financial condition, results of operations, liquidity, or stock price. In addition, digital assets may be subject to evolving regulatory frameworks, cybersecurity risks, custody risks, accounting treatment risks, and potential impairment charges, any of which could adversely affect the Underlying Stock. The Fund does not invest directly in digital assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is a lack of consensus regarding the regulation of bitcoin and ethereum and their respective markets. As a result of the growth in the size of the bitcoin or ether markets, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service, state financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users and digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets may alter, perhaps to a materially adverse extent, the nature of an investment in a digital asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BlockchainRiskMember_z5VOIQkRoQE8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Blockchain Risk:</i> The Underlying Stock operates as a blockchain-based digital asset platform. Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact blockchain companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on blockchain companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zaQOdwkIwd4b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 466.2%. During the period observed the Underlying Stock’s highest volatility rate over this period was 735.3% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 15.0%%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zXgU5dvyEPe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zyY5DZfqnrah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zmvB1XzMISja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z0uMWgP98fCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zlU396gcHRFe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zmXPC0uhNS8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zTP8qbdAaD6f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z1XS7fBfq9ae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zHjj4UV2W09f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zaiXCzz1Sbsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zGrOUHNUESb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zN7ZOdXZz4I9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zCGbD0MSUl43" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zjYmfWTfOgN5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_z9ukPKIeoSr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zRaT9ITBTdqi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zDVHtmeFLbue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zpKCTcMAKrhe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105179Member_zxGtJdnaxOf3">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zW5J8wZkiP43" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Bitmine Immersion Technologies, Inc. (NASDAQ: BMNR) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_z8m6GZAsOdc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zZnmy4O5Hjff"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zikMAQUAntuj" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20260526__20260526__oef--ClassAxis__custom--C000275902Member_zk0viUmmKhXg" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zSOrjmugNRQ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zuuNIVyQ2DUe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0495">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zjEfRkZxiF77" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4A_zmcWb1LEIwd">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zkzyf0brHq0b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4B_zPDhF6Gl5BEe">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z1pSGY1sahNa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4A_z7NwccVcFZUd">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0501">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zuIEBL1ON6Ye" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F4E_znRZhbpqRKze" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0A_zyUu14s23iOd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_z7oXZA5fOwxi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F04_zuQdCYxFgFG8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_ztPH0tKShUya" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F02_zEVPnDTk2gVk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_z2eNbvugt5Dc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zNIcgUBliL1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3B3CwMryF06"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zeFIFFE7rt76" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275902Member_zxMpExJZC93i" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275902Member_zYFKUAHZunhg" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zWpUZrgiSzS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zNLpVVnO8G2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock operates as a blockchain technology company and digital asset platform. The company holds a large Ethereum (ETH) treasury and participates in staking to generate rewards from its ETH holdings. The Underlying Stock 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 the Underlying Stock 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 the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_zMK73Jj6FXu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zNKIyXJXPF99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock holds digital assets, as part of its corporate treasury operations. The market value of digital assets is highly volatile and may be subject to significant price fluctuations, which could materially adversely affect the Underlying Security’s financial condition, results of operations, liquidity, or stock price. In addition, digital assets may be subject to evolving regulatory frameworks, cybersecurity risks, custody risks, accounting treatment risks, and potential impairment charges, any of which could adversely affect the Underlying Stock. The Fund does not invest directly in digital assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is a lack of consensus regarding the regulation of bitcoin and ethereum and their respective markets. As a result of the growth in the size of the bitcoin or ether markets, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service, state financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users and digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets may alter, perhaps to a materially adverse extent, the nature of an investment in a digital asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--BlockchainRiskMember_z1MNVGUiZ1Mk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Blockchain Risk:</i> The Underlying Stock operates as a blockchain-based digital asset platform. Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact blockchain companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on blockchain companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zK7m4sk3wrye" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 466.2%. During the period observed the Underlying Stock’s highest volatility rate over this period was 735.3% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 15.0%%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z1Isx4WmqTtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zQESnMBiYul2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zuccJsUJvEje" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zLTyBROkpM6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_z8iJHE56hAyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zaSBG8WiY4Vd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zlFbYHHnvAeh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zkaMW5BqxGBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zWaLtBUe2Qq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zjmW5JMVvZn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zbXmVnKK8xV2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zpv7ZbksKLSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z0lg8Bklfsu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z3IlqZmERtG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zvUrq1WEyibd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zOgW2gm1QBq9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zqGKEf9yyw9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_z9U6V3jojxy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105165Member_z7sXRsvvzTgj">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zAouTiBuDVy1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Bitdeer Technologies Group (NASDAQ: BTDR).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zJtRyor2k991" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zxrZkg37cF38"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zWZPIskhlvF5" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20260526__20260526__oef--ClassAxis__custom--C000275923Member_zy2SqYgDY8uh" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zJzIdnfipU78" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5K5h7wFD136" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0548">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zDt9AUpfDHDb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F48_zIrUm4hcuLW3">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zQtQmhFcC4F6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F40_z2q4PzIUnL4e">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zPylRBJsqwWi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4D_zep53hSpEPbk">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0554">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zRXVs7BO1bqc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F4C_zwoJbNFKKEBb" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0D_zb7YoaFp5uUh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_z2yyGoJjzeCa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_zaatrsmI9Ifb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_z6jYPnPapjgi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_zfvX7qDYm8W5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zh6mAR4Lbu76" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_z5J7nqDDQwgi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdmVV7y2S8Z5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zp0XfbwarCo" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275923Member_zUPF325aZFDb" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275923Member_z2lFZ7VDnRIh" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zj3Ohuv7CG37" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zJEK7MkEHJp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock <b>is </b>a technology company for blockchain. It provides computing solutions for customers. The Company handles processes involved in computing, such as equipment procurement, transport logistics, datacenter design and construction, and equipment management. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-283732 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_zXIdOStalcs2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zWg9222k3Iua" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the electronic data processing industry. Any data breaches, unauthorized access, data loss due to system malfunctions, cyberattacks, privacy violations, data integrity issues, system outages, hardware failures, software vulnerabilities, human error, and power disruptions; essentially, any threat that could compromise the confidentiality, integrity, or availability of stored or processed data could have a material adverse effect on our company, its prospects and financial performance. Worldwide economic conditions could have an effect on the demand for our company’s services and products and could result in declining revenue and earnings. General economic declines or a softening of the economy make it more likely that our company may experience difficulties collecting accounts receivable, sales and demand for our company’s products may decrease, and our company’s operating results may be adversely affected. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinRiskMember_z4lNVH38JLxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Risk:</i> The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks associated with bitcoin. Investing in bitcoin exposes to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or disadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability of transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinHalvingMember_zcFrFklFIlFi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Halving. </i>While bitcoin prices have historically increased around halving events (a process designed to control the overall supply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue RIOT earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on RIOT’s results of operations and financial condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HashRateAndDifficultyMember_zhYOUXVQ5Cxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hash Rate and Difficulty. </i>As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently also increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward, which, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails to deploy additional hash rate at pace with the industry. If an effort to grow the hash rate, results in the inability to complete planned expansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect its competitiveness and results of operation, which could have a material adverse effect on the Underlying Stock’s financial condition and market price for its securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BlockchainRiskMember_zNJUVLIJJMHl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Blockchain Risk:</i> Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many Blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many Blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some Blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact Blockchain Companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. Blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of Blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Blockchain companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zCS9lV0qRvjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from July 28, 2021, to April 30, 2026, was 105.8%. During the period observed the Underlying Stock’s highest volatility rate over this period was 150.6% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 2.6%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zi0zaCVhOv9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z1ovBema0OX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zdlGnTWHyrwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z7geOHIcDnHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zc69BT5ELxFc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zR0DhSpp6Saa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zistkcUWoZ6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zysluPSmPig7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zv5PLltaWRDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zX2JtRNNhwp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_ziQToL3ngXll" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zr6L52KYSS84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zUoq1rD3MQGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zGgfMo2T7ytb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zGsFMpC3GuDi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zeqE3zf4Xp9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zqaYrHdlcgLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zPHIxlAq1btg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105186Member_zdEpSvmj2Vj8">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zv6uEmfa5s1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Bitdeer Technologies Group (NASDAQ: BTDR) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_z66tPe3XCCIl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zWXEIn1gW7Fh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zYSIBCTNx9Hb" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20260526__20260526__oef--ClassAxis__custom--C000275903Member_zJJhSZW7dFg1" style="display: none; text-align: right">2.00</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_z5wOHZuU8AE2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmtD5F8pfC7i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0604">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zfFWxHWblGGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4E_zRvuhT14cxQa">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zfge13Jg3Ul1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4E_zppzHOdhESd2">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zRNlMGzIRfMh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F46_zCRGAh7Y2BW5">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0610">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zRY1IpWttIF7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span> <sup id="xdx_F42_zbht7aJCsM2h" style="display: none">(1)(2)(3)</sup></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F08_zrYIVsH3hLbl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zvHCUiZ3DUF" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_zmIfCHjX2UVk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td id="xdx_F1D_zaoDKVOGGZRi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0D_zse1XdeV9G3h" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td id="xdx_F1D_zuimhw2rI9c8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zu0yOEhlJEol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkSeAyicuxgk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_znkbcJ7PMBK5" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275903Member_zHQ2ObM8F4fe" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275903Member_zbXKmfjKnYZ5" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zR2v3batqLyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zgsVzCXJLky1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock <b>is </b>a technology company for blockchain. It provides computing solutions for customers. The Company handles processes involved in computing, such as equipment procurement, transport logistics, datacenter design and construction, and equipment management. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-283732 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_zaryODB1UD2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z7R5uUbwNari" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the electronic data processing industry. Any data breaches, unauthorized access, data loss due to system malfunctions, cyberattacks, privacy violations, data integrity issues, system outages, hardware failures, software vulnerabilities, human error, and power disruptions; essentially, any threat that could compromise the confidentiality, integrity, or availability of stored or processed data could have a material adverse effect on our company, its prospects and financial performance. Worldwide economic conditions could have an effect on the demand for our company’s services and products and could result in declining revenue and earnings. General economic declines or a softening of the economy make it more likely that our company may experience difficulties collecting accounts receivable, sales and demand for our company’s products may decrease, and our company’s operating results may be adversely affected. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinRiskMember_zY3MoCoXm0Cj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Risk:</i> The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks associated with bitcoin. Investing in bitcoin exposes to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or disadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability of transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinHalvingMember_zMO20hLsR8mg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Halving. </i>While bitcoin prices have historically increased around halving events (a process designed to control the overall supply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue RIOT earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on RIOT’s results of operations and financial condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HashRateAndDifficultyMember_zaUjpiXsNV7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hash Rate and Difficulty. </i>As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently also increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward, which, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails to deploy additional hash rate at pace with the industry. If an effort to grow the hash rate, results in the inability to complete planned expansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect its competitiveness and results of operation, which could have a material adverse effect on the Underlying Stock’s financial condition and market price for its securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BlockchainRiskMember_zAATxHrLKbG6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Blockchain Risk:</i> Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many Blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many Blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some Blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact Blockchain Companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. Blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of Blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Blockchain companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z1g469mGMNMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from July 28, 2021, to April 30, 2026, was 105.8%. During the period observed the Underlying Stock’s highest volatility rate over this period was 150.6% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 2.6%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zw18B6dWj3me" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zCgv4IiqAGG1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zVakphUC57tf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zAWtUsh98FIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zGd4nALEAuvc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z424CgQzUxO1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zMkrKd3avRK7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z3NgsqRUaNL" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zohRmkbsJIG8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zHsUAwQiCgO9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zyEeZniTFVlk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zb8hqPbCp3Hc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zVTC8E50jrNa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zx2PimpNM1c4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zzEWdYpRi6Zk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zrcjAhoDLrrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zIw7LrNbRUEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zoBKt0qOeHyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105166Member_zKdkvUutAlc3">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_za70XJ2tVbEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Corsair Gaming, Inc. (NASDAQ: CRSR).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zens6XO2crd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z89xE0sckCCj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zxWZBaeC42ih" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49A_20260526__20260526__oef--ClassAxis__custom--C000275924Member_zTi0IDw6Xtce" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zNuiRQVMiwzk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4jr9lxJRyl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0660">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_z7sxXKjBImKf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F41_zT1VOPiI1f2a">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zy1VXONabpSj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F48_zg8yXir96Pm2">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z7GMZOu2Yk98" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4B_zXlcjgxqULth">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0666">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zOTm2JAZmEyf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><span id="xdx_F47_zjGxrO1EwfSc" style="display: none">(1)(2)(3)</span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0B_z7cFMTuLMH2i" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zuGtcM9xKhI3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0E_z4ew22SAyRQ1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td id="xdx_F1C_zGEn7jw1ORTa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0D_zypHHDQblzt8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td id="xdx_F1D_zERSTSMifgdf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zBQBVbaYSjba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4zmKHvk1ct8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zzK0f9PUB3B7" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275924Member_zTqrXuV3u1L6" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275924Member_zn1Ke6ioalL9" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zBxjJ8cyvGV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zDi2hX7C7A88" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a global developer and manufacturer of high-performance products and technology for gamers, content creators, and personal computer (PC) enthusiasts. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-289391 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_zfgHgs0fuscb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zX6PpiK8IQQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its software and expand customer adoption. The Underlying Stock faces intense competition from well-established competitors, many of which offer competing or integrated solutions that could result in platform switch. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. The Underlying Stock is also subject to regulatory risk such as content regulation, data privacy laws, anti-trust scrutiny and intellectual property disputes. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z558SUfxVuPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the5-year period ended April 30, 2026, was 57.9%. During the period observed the Underlying Stock’s highest volatility rate over this period was 71.5% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -27.3%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z1lLwRjnS5j3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zsIaySyQndSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z0tmsjCAxmD5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z8ZGqmhb3Kp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zZhXFrW6L8Of" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zCL2DbwtZ1T2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zpyyQ8BkibDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zXypTDiHagoh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zlg9nYpUlll8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z9FSrVWmFZWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_z2XhGGRhInwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zV7sJFiD8zo4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zndgmwqVALi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zmlVJpj01mY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zjF9wwXxiG7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zwTql48zIXzd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z8sU5WSnDNB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_z2Bz9wtIQGQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105187Member_zrnl0DhIzy7i">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zwNeeVhdujjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Corsair Gaming, Inc. (NASDAQ: CRSR) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_z3aacj0LmfZ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zoC6ds40UVX7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zv6Yxi6qwox5" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_493_20260526__20260526__oef--ClassAxis__custom--C000275904Member_zNltquBJnhnl" style="display: none; text-align: right">2.00</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zWaAp4UJfw92" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zdJ3YAQxYWf2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0712">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zMhQsUMp1PHi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4F_zUmoUlSvoeIh">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zllnbB9qmEE4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F42_zUoZ3qsp8Vjl">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zoGfhFg8IWTh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4E_z07VHXWJKZVi">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0718">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zslu4DTekI2g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><span id="xdx_F4F_zWPDfgwwpCLh" style="display: none">(1)(2)(3)</span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0D_zO0i1ykN57f9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zCeE1521r2Xk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F08_zU5EGcFztPzc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zC3xkS5SxJBc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zIxaAZGchVua" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_znJFSbn9Uauj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zDHjsNqewKMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbeYTkD2c3zl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zWlUsLxAHSUi" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275904Member_zkfA5j5aUqc3" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275904Member_zzDhiYoyytC4" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zdvzESXdWpf3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zBNoOcRl1lM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a global developer and manufacturer of high-performance products and technology for gamers, content creators, and personal computer (PC) enthusiasts. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-289391 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_zrVZvhb6rq4c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zxIpiukf03w4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its software and expand customer adoption. The Underlying Stock faces intense competition from well-established competitors, many of which offer competing or integrated solutions that could result in platform switch. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. The Underlying Stock is also subject to regulatory risk such as content regulation, data privacy laws, anti-trust scrutiny and intellectual property disputes. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zP11LsyBqcqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the5-year period ended April 30, 2026, was 57.9%. During the period observed the Underlying Stock’s highest volatility rate over this period was 71.5% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -27.3%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z7ISUXvANyxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zjfq2iVNIWc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zUNtRr5bJzh8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zEayvg2n9CUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zVEVqHO9Nal9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zKec7CS49XZ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zJyrnq2ckH02" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zcvaarQCRF6k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zwsGelkmSKm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zCHrlCyjcWJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zQgaNAqSWmp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zx7K0YCn1cae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zngqFZQw9t9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zzC3kLnL2cji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zlHWOGwz6Oc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_z4bkdVV9W5Wl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zyvBzMNMFmn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zR14TVAHMIKb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105167Member_zFlrhhehevg4">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zORRJ77GnUol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Dropbox, Inc. (NASDAQ: DBX).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zAuphL1Up879" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zWmJS6XO7q6f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zMcssP3DdKKk" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49B_20260526__20260526__oef--ClassAxis__custom--C000275925Member_zqFNSyxGdTBd" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_ztfzhbxWau6c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zWttvrPRBuQb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0764">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_z2A2nix65nMe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F44_zsZDdLYBX5tf">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zLREmiQcnG0d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F45_zf1qHDC3hQdh">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zLKtqDT1N0Q2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F44_zcD05D3LYac8">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0770">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zgBNgTodJt0c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><span id="xdx_F4A_zWWzt5a0k6nc" style="display: none">(1)(2)(3)</span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0E_z5lafM4CrjGk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zpkx4ln8kv6h" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_zcxtuVlw6nXf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zyG1XAdZ8Itj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F09_zJ1ivbifJwUe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_ze4XIv20jiya" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zdmuPfVSVtKb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcn8KfWC9o8g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zDiMpWwa8ceg" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275925Member_zbTjczu7Bc6h" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275925Member_zxpGACdcNdjd" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zpr5RxPGeFR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_z3Om8TYdf7xi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock provides tools to help distributed teams prioritize, get organized, and keep work moving securely from anywhere. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-293621 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_zS6430nPskJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z89UJPSelva" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. The Underlying Stock faces intense competition from large service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zyaz52wzjd07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 32.7%. During the period observed the Underlying Stock’s highest volatility rate over this period was 36.2% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -0.8%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zV8aE6hsH5Jl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zdNrB9g8JI5b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zv9uxTdc6eh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zynspBHW0z94" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_z3g6VUhadOi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zOALZFmA14ve" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zCZKAtCspVT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zRdiEClqUrwd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_za0ynjZPlDni" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z8uYUM9RP0Ed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zxX8Hcv9Ee2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z0OsoChHYHwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zOwgEFH3qX32" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zFu1vgTISau7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zRujusgSl0qi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_z3lBc6H7IAk1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_ztrPSVTtoZ0b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zEyVPcZ92dnc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105188Member_zjLV93hfYGBg">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z2XMVmZbivkj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Dropbox, Inc. (NASDAQ: DBX) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zdwf6p2ytpvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_z0UWpCpCewcg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zVu39ZWSbkX9" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_49C_20260526__20260526__oef--ClassAxis__custom--C000275906Member_zuOD8BxGmNW3" style="display: none; text-align: right">2.00</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_z3Fh4K0VpCxb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zIzlTNl0Jw1a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0816">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zRNuZpOXe8pi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F40_zy78e97IKCfj">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zLDeqGNtgbBh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F48_zQnWXVFZ0tsj">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zHi2AfntIOVc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F44_zbfNqLY5fEzj">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0822">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zh4uhhGSmPMe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><span id="xdx_F4A_zU5Z2sbVEfYf" style="display: none">(1)(2)(3)</span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F03_z0rkpT3al47j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zbR83gp6fQf3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F06_z5xF6QfuQZhl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td id="xdx_F11_z4XRpA2KWV6j" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F06_zYH08mM0zZQi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td id="xdx_F15_zaUqbSzHd7mc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zGlG1QGdqnD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPqChfrcOlyg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zYYZxIgVlKfg" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275906Member_zwFnGubGsbO1" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275906Member_ziaAHqK9FbRh" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zSwsCXrUAPS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zftPmCoPjQ8g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock provides tools to help distributed teams prioritize, get organized, and keep work moving securely from anywhere. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-293621 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_zkG9029Ko2V1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zigSUnUzPNzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. The Underlying Stock faces intense competition from large service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zWqCHbinQu74" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 32.7%. During the period observed the Underlying Stock’s highest volatility rate over this period was 36.2% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -0.8%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_znxbd5v14Aq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zL9MWKap8cGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zDNWqq7oDjrd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zx3o6kaDkD2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zMfu7XeQU4E" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zeGYl2xT6py5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z4QhNhVJbt75" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z8GxD8DmBYVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zi6VP77iHze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zYIQi4bPVi69" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zJy2n5DGir45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zAZ7YFvHFpwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zTvwB07sVFc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zoiVM27d8RXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zrbjnGdlFIY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zlDMR0pWT2vl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zM8AuekG6bSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zOY2ZS5bPrGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105169Member_zAlw9uY2yhtf">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_z5YAf8aby9u3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Eaton Corporation plc (NYSE: ETN).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zHVpbh7Nr6Qh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zU1L3TEh8IRh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zRtpGJVJkkA7" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_495_20260526__20260526__oef--ClassAxis__custom--C000275926Member_zJCstBp89i1k" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zvBdRjAFEuf8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zER1A6Vomo79" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0868">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zUcLO1plR3Md" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4F_zj4foycTyvf7">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zoSdbYPCv7el" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4E_zPbQjtzJ4Xd4">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zbP56oj0nvK" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4C_zuVwIkikikKi">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0874">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zLSBwC6wvbQ7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><span id="xdx_F42_zxl0e6vXPPFi" style="display: none">(1)(2)(3)</span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F09_zcl4j8tButBb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zl3SIzn4rvi6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F04_zYX9xkgR7Ge8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zJA2vqe0vu7b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_z5YhMemtCdGf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zf5pVhX7i0ni" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zzxC64mRiyAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZUJ97RY5Yi1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zQ6tidsryjTg" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275926Member_zyNwtGTYmvbf" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275926Member_zHOXXjXvki3b" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zeCR5QAekI71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zUywxH9BDn3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is an intelligent power management company. Its activity consists of electrical components, industrial components, power distribution and assemblies, residential products, single phase power quality and connectivity, wiring devices and others. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-281174 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_zKlruy3lEJM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zL9zfHNnCL3k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. The Underlying Stock’s revenues are highly sensitive to macroeconomics conditions. The Underlying Stock faces intense competition from large and well-established companies, that are better capitalized and operate across multiple product segments. The Underlying Stock faces significant environmental compliance costs. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zCQnxMoCam4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 29.9%. During the period observed the Underlying Stock’s highest volatility rate over this period was 39.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 26.7%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zYQhup5fPoM3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zfcVkb8BQlMc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z7hDdfO5VdB1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_ztszSHlqPxY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zY3r2LsOLNtf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zuhBWzcFqw2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zYAPkAIsT5Qj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zKYK6uoKnaLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zFHEe2gIdHch" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z63ATJXyYrR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zNRc5HbIbwM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zGDKVfXTVLwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zSyOhGU4rVLg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zplAc2ONz4ol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zjWtchXXpij5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zcBAidCJKVcf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zV8q1jr0F3Jj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zuPYywow3ISk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105189Member_zUlsdRIGkdWg">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zW3h48eXJ9hg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Eaton Corporation plc (NYSE: ETN) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zrwQtCJqUGN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zsFnX1XmS4qb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zhSkL0OPpX0k" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20260526__20260526__oef--ClassAxis__custom--C000275907Member_zcJN7MkmIeh" style="display: none; text-align: right">2.00</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zXPd60h2DNv9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGiEusstOB8k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0920">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zDMocPvpmbcj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4D_zR0nNQGPxNS1">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zZfZKN1WjyX7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F46_z6XC4wvd0ucc">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z5TX88anu7Ji" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4E_zK6rYag6WvKg">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0926">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zvm1EuCKyUul" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><span id="xdx_F41_z731sv48SMzj" style="display: none">(1)(2)(3)</span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F02_zWMtrY1w0hlc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zMrOBWMyVDg7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0F_zFNH2jsfejh3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td id="xdx_F1B_zfAucafw7YF4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_z5sIVjJMxRj2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td id="xdx_F1C_z263bkSwgIjk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zWa4F26VbGZg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zerjJRY2qRwh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zw78sEhbXRL6" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275907Member_z15CzSWHPHka" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275907Member_z7SYhPD7N8Z8" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zCosCV4p9bMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_ziewFTSFP629" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is an intelligent power management company. Its activity consists of electrical components, industrial components, power distribution and assemblies, residential products, single phase power quality and connectivity, wiring devices and others. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-281174 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_zYDElJkvjaX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zoOaeMuCrDoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. The Underlying Stock’s revenues are highly sensitive to macroeconomics conditions. The Underlying Stock faces intense competition from large and well-established companies, that are better capitalized and operate across multiple product segments. The Underlying Stock faces significant environmental compliance costs. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zpDJ3JDacoTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 29.9%. During the period observed the Underlying Stock’s highest volatility rate over this period was 39.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 26.7%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z6h5SgQF35b5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zUKbkzHFpZM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zDrElQLj654i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zLNktAZkqwZ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zvnVQtLwACLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z6fepxJcVDx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zJzdkHzsv42i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zS1EsvbVhIih" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zlcRhenP4lqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zzl6toVUTRWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zteKA9jyBSi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zzK4L986DSe5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zMKDsVmJhjbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zELZWKEdZtz4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zC3H10RCzAq8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zWfxYHQ3Gzca" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z9zpIi91UOj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zhNxPk2cTNIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105170Member_zqA1mEBpPHS5">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zQGGL8j9L1X5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Five9, Inc. (NASDAQ: FIVN).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zXSHhU6VnKpa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zrAReguGXjZe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zCaqfzp3RMPk" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Management Fee</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_498_20260526__20260526__oef--ClassAxis__custom--C000275927Member_zZbc2VVHjQGb" style="display: none; text-align: right">1.30</td><td style="display: none; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zq8ZVgmqD5Q" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7NEjHMRpKxe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0972">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zeDWLTpfXb7j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F41_z6GWxj6YMCX8">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zGqZxANFhzc9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F40_zGxteAvvhtQ7">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zza3Vn2jimki" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F40_zKpHN6pLXzZ2">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0978">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zc5YDQbHtUh1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><span id="xdx_F4C_zvysIiqwaIFf" style="display: none">(1)(2)(3)</span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0C_zkepHylIAidl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zobuFNwlhBmk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F08_zJtQOL4UOtUb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zaAphIDpbJee" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_z4zQy1q0jX46" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zvXjuEsmx638" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zd9RsL4VbAN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTrZIBOC7A5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zzeFN8egzgC5" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275927Member_zci8ROgZH8D6" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275927Member_zsCq0YMiyZE8" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_z2paGPwtKoA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zFaXGNtHF66a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock helps organizations to create hyper-personalized and artificial intelligence (AI)-driven customer experiences. The Company’s Intelligent CX Platform, powered by Five9 Genius AI, delivers a suite of applications that enable a range of customer service, sales, and marketing functions. It delivers an end-to-end cloud software solution for contact centers. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-263103 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_zmATFRLYGNMc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zdxKI4gPxkog" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zTqJ9HIC0LJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 54.5%%. During the period observed the Underlying Stock’s highest volatility rate over this period was 63.8% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 54.5%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zQgsaPbrmFJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zglHSZBprco8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zXa0ZqpKgRG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z27qhfuRJwjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zbv3KFlJTb99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zxibcYMPZjoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zWklVD5Vm7Jg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zgKVNpaRXPel" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zNxpT5YEQgja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z7ks4WwnKxef" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zW40vssg8bD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zXLvVMRQF281" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z10qaeIFDgt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zgPtUR4W2DN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zUAHWO8lLLZg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zquyCQ7mVe29" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zrNSBZEj8qzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_z0RSpIgkgAD" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105190Member_zDH8gRSfntig">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_z9Ehb04Bx0il" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Five9, Inc. (NASDAQ: FIVN) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zHTIPhUtFrA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zJGy2FYyrl47"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zA7slY75MtYi" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Annual Fund Operating Expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20260526__20260526__oef--ClassAxis__custom--C000275908Member_zY8MR2QYRmj4" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zuggKzCdZI67" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zuSqdbmxefv2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1024">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zndeGIYIbnmk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4A_zPZUHtCDUFei">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zkF01MUVQ6ab" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F47_zwNLJ3BRrRS2">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zo3cPu4Yezcj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F46_zYpdttubqTM8">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1030">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zLs8HEJOdSVe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements <sup id="xdx_F4F_zeuLmHBiHIz7">(1), (2), (3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0A_zNxSeqQnAuXk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zplr3Avhjchl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F06_zo73nEIDdsV9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zVxSoWsgUyNf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_zlXS5V6fKOx8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zrNvt9cuu009" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zruuIPEhYFPc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zI3oGxhlrrjf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zvs71p9plkPj" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275908Member_zRcIqsEs4n47" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275908Member_zziaQVaXsVB2" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_z7XpGWCOE109" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zsKimcz8f8b3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock helps organizations to create hyper-personalized and artificial intelligence (AI)-driven customer experiences. The Company’s Intelligent CX Platform, powered by Five9 Genius AI, delivers a suite of applications that enable a range of customer service, sales, and marketing functions. It delivers an end-to-end cloud software solution for contact centers. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-263103 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_zwx7IcU8v5Z6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z42pGVy5UuIl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zHYKvVEwTNCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 54.5%%. During the period observed the Underlying Stock’s highest volatility rate over this period was 63.8% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 54.5%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zsHVDtBCoi96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zUzmgTQ8YLV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zJ9H4lGZjXhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zo667FP0kJC9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zqkxIzUH16ud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zQOPqoOB7DZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z83Z6IV9ugVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z9lCjCt1V51e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zNmrKPDYczAj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z0gFYQfjVE67" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zNChw8iZuSB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zFzIaouYrwZ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zuclS1ic2AVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zTU4u9TCJgUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zTnTfTUuSY59" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zqSRt4miMeqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zihA5spf2HZd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zUoMUp55FjPg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105171Member_zly6bliyjPs9">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zNYhmO6Sj9Y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Hut 8 Corp. (NASDAQ: HUT).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_z7xKjQT3oj7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zPJsTBoCMY63"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zMITg5KsBwei" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20260526__20260526__oef--ClassAxis__custom--C000275884Member_zrfHSc8WsFx2" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z5ENyCD8Qcja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_z2J3ZTQOTyk4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1076">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_ztD9wNAF9Nx5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F46_zeP2xcTyU0w6">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zXU0uSvtsuo5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F42_zXSHyxtvXwNi">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zFwOhWIWN23h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4F_zl06q7GCR938">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1082">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zEiIDjDcUiHd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements <sup id="xdx_F43_zvqgQG67S8sb">(1), (2), (3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F07_z4DtsA35H1R6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zRcXjVqJ7tZb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_z4GZLixCCmMh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zrjMD1hAW5lb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F09_zXLbqCJEHBK4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zgKzaHEnDhIh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zJlWr0Msdohh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmjKRSXnv2Al"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zze5Eq6BLhHc" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275884Member_zlGWDUik0mA9" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275884Member_zF5HmXR79T71" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zbAYIFjZPn85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zFFxzhCygqlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a diversified energy infrastructure platform that integrates power generation, digital infrastructure, and computing resources to support applications such as Bitcoin mining and, increasingly high-performance computing (HPC) for artificial intelligence (AI). While Bitcoin mining remains a primary revenue driver, the company is expanding its HPC/AI workloads. The company operates a portfolio of data centers and power assets across the United States and Canada. The company is also engaged in Bitcoin mining but has spun off its mining business into a subsidiary. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41864 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_zAYCYHF24Hfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zWPaXldKYuMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the electronic data processing industry. Any data breaches, unauthorized access, data loss due to system malfunctions, cyberattacks, privacy violations, data integrity issues, system outages, hardware failures, software vulnerabilities, human error, and power disruptions; essentially, any threat that could compromise the confidentiality, integrity, or availability of stored or processed data could have a material adverse effect on our company, its prospects and financial performance. Worldwide economic conditions could have an effect on the demand for our company’s services and products and could result in declining revenue and earnings. General economic declines or a softening of the economy make it more likely that our company may experience difficulties collecting accounts receivable, sales and demand for our company’s products may decrease, and our company’s operating results may be adversely affected. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinRiskMember_zNO04XFAIq46" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Risk:</i> The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks associated with bitcoin. Investing in bitcoin exposes to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or disadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability of transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinHalvingMember_zLh19xcTKopk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Halving. </i>While bitcoin prices have historically increased around halving events (a process designed to control the overall supply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue RIOT earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on RIOT’s results of operations and financial condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HashRateAndDifficultyMember_zfAyybnj5Iql" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hash Rate and Difficulty. </i>As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently also increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward, which, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails to deploy additional hash rate at pace with the industry. If an effort to grow the hash rate, results in the inability to complete planned expansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect its competitiveness and results of operation, which could have a material adverse effect on the Underlying Stock’s financial condition and market price for its securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BlockchainRiskMember_zvClxm7c5ohd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Blockchain Risk:</i> Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many Blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many Blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some Blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact Blockchain Companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. Blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of Blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Blockchain companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zqKIjtyXDPb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 107.2%. During the period observed the Underlying Stock’s highest volatility rate over this period was 119.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 23.1%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zaYXznD8rH92" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zYeLzjBX5T72" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zKWM7mxgB4pe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zk5OX49kB9Mg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_z511UHoPzulb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zqXO4e6mqcl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zaU2bwTuxqq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zh06JsscwrDe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zSvjCPo5ZJx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zp14BnPoWEl1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zDRRTFR4HLG1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zFrKrCvytQj1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zqyWIyCQk2nj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zuS9nlUoufl1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zNekhmjKfZ9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zp7Zn9NweM36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zq0J6Zp7s3h9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zjuJ65XJCVq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span><span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105147Member_zqsXI9JekXG4">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span></span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zFSwRQit8eEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Hut 8 Corp. (NASDAQ: HUT) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_z5EdoR2EZaFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zLgIqZp74Ve4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z5ttg1SbvuM6" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20260526__20260526__oef--ClassAxis__custom--C000275909Member_zzXzgkfbtBy" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zxulRXYDoHui" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvZw1DcfkiC1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1132">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zXuRjgHoeKY1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F42_zYs13nArNq25">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_z5JBjWJyxOA3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F42_zxeLZTPVDFZk">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zmq3VP57lnYe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4B_znjAuD7CgM2">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1138">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zNptpaCwsSqj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements <sup id="xdx_F4E_zWp2ETBZjw1g">(1), (2), (3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F00_zeecXLUU3oEa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_z2cENWytD5tj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_z30RSzGNLbO" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zoGEaIHcsZA5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0A_z8fuIbqfrIQ7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_znBPv5ftlBPl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zud6jE6YbTU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrxpbpCrtCt9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zT0VTARauYO5" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275909Member_zslpE3cb6Gp9" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275909Member_zqn8CmFx2vtb" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zhBZUKQLXgQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zlwohAnRIFcj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a diversified energy infrastructure platform that integrates power generation, digital infrastructure, and computing resources to support applications such as Bitcoin mining and, increasingly high-performance computing (HPC) for artificial intelligence (AI). While Bitcoin mining remains a primary revenue driver, the company is expanding its HPC/AI workloads. The company operates a portfolio of data centers and power assets across the United States and Canada. The company is also engaged in Bitcoin mining but has spun off its mining business into a subsidiary. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41864 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_z4yMk6aJsBK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z9z9S1UB13M2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the electronic data processing industry. Any data breaches, unauthorized access, data loss due to system malfunctions, cyberattacks, privacy violations, data integrity issues, system outages, hardware failures, software vulnerabilities, human error, and power disruptions; essentially, any threat that could compromise the confidentiality, integrity, or availability of stored or processed data could have a material adverse effect on our company, its prospects and financial performance. Worldwide economic conditions could have an effect on the demand for our company’s services and products and could result in declining revenue and earnings. General economic declines or a softening of the economy make it more likely that our company may experience difficulties collecting accounts receivable, sales and demand for our company’s products may decrease, and our company’s operating results may be adversely affected. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinRiskMember_zwSjZO8eyAl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Risk:</i> The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to risks associated with bitcoin. Investing in bitcoin exposes to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Bitcoin is not presently widely accepted as a medium of exchange, which may be due to a number of common impediments and/or disadvantages to adopting the Bitcoin Network as a payment network, including the slowness of transaction processing and finality, variability of transaction fees, and volatility of the price of bitcoin. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments. The value of bitcoin has been, may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinHalvingMember_z8gavFUBct51" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Halving. </i>While bitcoin prices have historically increased around halving events (a process designed to control the overall supply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue RIOT earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on RIOT’s results of operations and financial condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HashRateAndDifficultyMember_z9i8anC7hk13" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hash Rate and Difficulty. </i>As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently also increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward, which, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails to deploy additional hash rate at pace with the industry. If an effort to grow the hash rate, results in the inability to complete planned expansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect its competitiveness and results of operation, which could have a material adverse effect on the Underlying Stock’s financial condition and market price for its securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BlockchainRiskMember_zgIeYrqnyIF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Blockchain Risk:</i> Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many Blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many Blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some Blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact Blockchain Companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. Blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of Blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Blockchain companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zr3QYwjQkvDd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 107.2%. During the period observed the Underlying Stock’s highest volatility rate over this period was 119.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 23.1%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zhFvSibWBWs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zazEfHYWbzC3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zA02It3QCqdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zBGiJRGtddT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zaVVfwPfre99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zVYxZBE9JWnk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zmC1nLmLXD68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zNoC64nvS7Hc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zDKfQ13XuxI" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z47vRKNlTiN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zEDc4EAYrS9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zGKBfVzoypo6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zyt9S0sS8rXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zCMHzjBcunCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_ztmwjbfxkiD8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zIxElcmMrzZb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zeVVO1Y5U213" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zDwGsggHA1Dg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105172Member_ztYPWQ7w8Ys2">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus</span>. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_z5K4K8TomI14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Samsara Inc. (NYSE: IOT).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zYg4es6SaLH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zTU30jFz2mAc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zopf1oAazV9c" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20260526__20260526__oef--ClassAxis__custom--C000275885Member_zuPECjzfBcSe" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zZlhUenh8WSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDBvgl62mRr8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1188">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_za3hxzbbmHz5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4E_zkzzTyawBN7c">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zwRRQyF2XDNh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F41_z59jgMScBaZ5">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zGmXNvdBE5v" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F48_zgdsQLP6yvs1">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1194">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zJ6i2ZkWkS3b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements <sup id="xdx_F41_zBtS51lpKTS7">(1), (2), (3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0A_z8hwzjPd4dX9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zqqs7pPxFcIa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zbnSlyoXSOT6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zJvQ8FJoeoM4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_zkAz1xlY0gz2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zyNVHVcHs08" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zDJMXQpq8WAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLSasCRp3j84"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zQRarObdJ1Xa" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275885Member_ziYZ7MdKQWth" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275885Member_zTPqWDeh9ln8" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zvgKjDDYgjv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_z0GzXeBZS7n3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock operates a Connected Operations Platform, which enables organizations that depend on physical operations to harness Internet of Things (IoT) data to develop actionable insights and improve their operations. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-268097 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_z23nl09C827b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z99wQIm9WUA8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its products and services. The Underlying Stock faces intense competition from intensifying competition which includes well-capitalized companies operating across multiple lines of business. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zPSlDCgLgQXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from December 14, 2021, to April 30, 2026, was 67.0%. During the period observed the Underlying Stock’s highest volatility rate over this period was 89.2% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 5.2%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zmk4Alnq0dGe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zKezeZS1aZ9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zLV4QVJvtix7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z2GGIlLvv4Ai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zRVSGy4MkYn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zLbwm0opkxCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zThsa32SF0S4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zUxxqR3QFZn9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zXDoQEHKENvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_ztb7z0Uz3qQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zfuStymujKWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z7HwgE7efQEf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zG5Dbkmp8wyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zeItMX2Xo85f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zsXZmvoADtj1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zfP046xUFtb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zJeg4hkZLlX9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zyKlj0aHcDhe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105148Member_z0HaedEvcVak">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zdgPNJX0UFuj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Samsara Inc. (NYSE: IOT) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zSmiVDgTNyf3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zkhMLxpJp39a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zE5sCvfS6bA6" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20260526__20260526__oef--ClassAxis__custom--C000275910Member_zh3ZpEaVHPpg" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal"><p style="margin-top: 0; margin-bottom: 0"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p></td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zorISQzszR1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJhTVaqYSDac" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1240">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_zT4oqA0C62hg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F48_zNW6wNCktWWf">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zhJb4gBEyqh6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F43_zAqyqk26ebTe">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zDyZ8Z0S6Oc5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F42_zaihw2G83xqi">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1246">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zPpIHJsree9l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements <sup id="xdx_F4E_zTNaJvc7iJf1">(1), (2), (3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F07_zF5MjG8aG7y" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_z8CjJwkc1aDl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F08_zi1EnbQcOkP1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zEn4jbEsgfha" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zGWT8xE3MZj8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zq6HZvnMD8G6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zaD1hWtn7REc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div></div> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkWT6tBzLgL8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zbqG6MmQCAu3" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></p> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></p> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275910Member_zo0bPLBXS8Q1" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_988_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275910Member_zAK6IIVc6L4k" style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">713</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zNsa57YtdUG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zilQ7jVShcg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock operates a Connected Operations Platform, which enables organizations that depend on physical operations to harness Internet of Things (IoT) data to develop actionable insights and improve their operations. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-268097 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zGRO2QFnCOh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z6PyONhA7mzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its products and services. The Underlying Stock faces intense competition from intensifying competition which includes well-capitalized companies operating across multiple lines of business. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zn5OzF3gR1Ja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from December 14, 2021, to April 30, 2026, was 67.0%. During the period observed the Underlying Stock’s highest volatility rate over this period was 89.2% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 5.2%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zQ9iJFxkHbQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zb8ncepbp1a1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zMe09OfdqRl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_znd0pBdgMYzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zgCGU7i9jBe5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zvYK5t9O6pD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zK3RbLyeyYd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zeLRqgWLKXGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zwFcg2HUl3ld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z46Caw2yIbX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zFkf6q25Irnf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zT4FFumaIrs9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z4R2kc7LfWHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z8YAI1fwkXS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_z3jL47wQHI8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_z4SslBjVCq12" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z6jYtkuIaAX5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zFdL9ojs92w6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105173Member_z72Uo0DdRnD5">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_z53IjaYS5hHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of IREN Limited (NYSE: IREN).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zJ6BZ3bP3oDe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zMYBgq9JpuM4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z1ZWUMdHI5Cg" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20260526__20260526__oef--ClassAxis__custom--C000275886Member_zK0PCcxqBcJk" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_zAagEE5lkJG8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmMWis9nNjS6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1292">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zMdMskLATVDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F42_zsplcyFcl7Hl">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_z2TF2W3s6Je5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F47_ztC11AQY3ma">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zPYf654lvJQ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F40_z3pZ8TCaY2Zc">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1298">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zrDok7ItpW2b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements <sup id="xdx_F42_zRSoxmS5pmX8">(1), (2), (3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F00_zqYk9kwCziLk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_z00NJ1jmEcal" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F03_z2joRyslYNOa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zC7b0IPVitf1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending December 31, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_zqlTS9iyJ8F2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zspxlL20bwM3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_z7UxHoucR7o1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAbWWPKZ5si6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zLvlvO0WyNh7" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275886Member_zqAyJqUNs0Ic" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275886Member_z4ni85Bfgamj" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_za82lrkbmBil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zcbHgkVFkzxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is an Australian data center business that operates two main business lines: bitcoin mining and artificial intelligence cloud services. The company leverages its vertically integrated structure and access to low-cost renewable energy to provide high-performance computing infrastructure. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-284369 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_znKdTZM3SCal" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zLdDViqleu76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zg6Lb1NxeMk1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from November 16, 2021, to April 30, 2026, was 120.5%. During the period observed the Underlying Stock’s highest volatility rate over this period was 131.5% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 11.5%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zIGKXxkaTLF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zytWF4Bm7MKd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_znjl0xOyRT0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z2tA1ZZL2rfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zzCW26lArLrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zvrBqWeffmGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zyASRXgHmxp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z1ldMkZdz8ug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zQKeeTRCWx5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zSLxqVI85Uy7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zmCUoEGSXI5j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zhFf4dfSslb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zIafOuFS4Jnk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zCBKxyPZwxO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zs6ND86ykt24" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zy7RnjtlFRE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zEBo1HUGREN3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zKgT74dXdSIh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105149Member_zmjZSB10CdU5">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zFjSKViqDvDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of IREN Limited (NYSE: IREN) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zIaSk1LGQie" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zILJ3L2uicMf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z1yj3zRYbcLd" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20260526__20260526__oef--ClassAxis__custom--C000275911Member_zIe2vi7Cc6Vc" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_zT3AvxYBaxo8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zKjBLC68rlC7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1344">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zNabpbCxm8kh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F43_zVjEMaHu2OS2">(1)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zyZiWLZ2Moy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F42_zpZwuTRkKwch">(2)</sup></span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zIoxtrNxr1la" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4E_zF8fLMtKMMUi">(3)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1350">-</span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zJ2TZnvk94xl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements <sup id="xdx_F41_zweZlAzORmx8">(1), (2), (3)</sup></span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F04_zYQlkCBQsGl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_z23QBQU3qkC" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0E_z1vulwUZIcRd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zoCaAbgNyti1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F00_zWY4AqItrdfa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zFadtaFyhE0c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zpIh9rw2NPGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zw14iSrdwbmh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zSjzy60H8nsi" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275911Member_zttKFh7nWeI1" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275911Member_zJDzgfXFjja9" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_z8E2hvBkxpmc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zzRWkPpRh89f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is an Australian data center business that operates two main business lines: bitcoin mining and artificial intelligence cloud services. The company leverages its vertically integrated structure and access to low-cost renewable energy to provide high-performance computing infrastructure. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-284369 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_zfXEntMTi3Gk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zdSXe5DSLJXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zNTxfUnZeI03" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from November 16, 2021, to April 30, 2026, was 120.5%. During the period observed the Underlying Stock’s highest volatility rate over this period was 131.5% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 11.5%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zXFcIbe0gK9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zkgcRHdhR9g3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zTjccI7MMLZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zXUk8JUgCACf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zDgNOwLQVWJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zjP4kVQaqaEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zFTs8CjJqGu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zAWCKxjzBK71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_z5sBwqpQ4nU2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zO3BgusO5i1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zxzFaF7JRWV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zFA27CWxPwv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z8eOr0QUG9vf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zZjmQIrRlDa3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zucLQWfD3fX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zd5mSyaGRMx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zKW2e9veUQxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_z3VCnpm8YSYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105174Member_z1SMO2ivGo2j">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zQuPpQhI9UV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Lumentum Holdings Inc. (NASDAQ: LITE).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zz5f8I2oaggi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zFJwBSvcTs9f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zcZL3O99yaTg" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20260526__20260526__oef--ClassAxis__custom--C000275887Member_z292Z13OcVTb" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zieaKJt59jrg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zCaiKoxRffn4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1396">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zUtIWpW0lQ1j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4D_ztbPaRdDAxGg">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zTVGz26UyRG6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F45_zJpwAf3qWTEg">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zmHbA5V1w4a1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4D_zX3Si6u1NHv2">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1402">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zAT9wycr9byk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements <sup id="xdx_F4F_z07rQCsOr3Ek">(1), (2), (3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F01_z95WgVKaxgt4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zHXpFL2MPX5b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0D_zFWbdQpnhzG1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zlFiyvvfccCl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F06_zhg6AooWxvT9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zz2mW6Oc0vlj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zxof650pDZva" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJcqV8Nt5F3c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zMPjh4PpSyY2" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275887Member_zLdSDeoD0OB5" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275887Member_ztRug4M1I8Ri" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zYt978O20CXl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zZl3RtMQuZVi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock designs, manufactures and supplies optical and photonic products with a range of cloud, artificial intelligence and machine learning (“AI/ML”), telecommunications, consumer, and industrial end-market applications. Information provided to or filed with the Securities and Exchange Commission by the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286528 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_zV2lVUmvO7u" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zjO99TPHNl59" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zkNf6Iuv1uZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 59.6%. During the period observed the Underlying Stock’s highest volatility rate over this period was 76.5% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 60.9%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zf8Ga6Rd4Kqe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zp0FIi4MBzm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zuceNXlx400c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zxvKbpBDrtQe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_z9Q3ZECPSOP7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zSyyWWHl31vh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zwrMlFHA4CVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zTwoTxTowE9g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zgFh7HiVcK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zHkKO0IkxEHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zeS79Zn9AByg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z0VSRv54eOVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zrrWqQK7REqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zAqQG16kyATi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zj3wNW0JJRad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zFuAkyQ0bso9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zAohK5gTWm98" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zeRhFPh2Vyjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105150Member_zfTkFrXM9pjb">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus</span>. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zKyG6ZO5SMi5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Lumentum Holdings Inc. (NASDAQ: LITE) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zKxOl2XI0Tc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zbDe7GFx3JWb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zam8pN6WbIa8" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20260526__20260526__oef--ClassAxis__custom--C000275912Member_zAYjO502lQU3" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses <br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zkzT7QykYuA8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTQAVWMis9q9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1448">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zqmlLdFCleP1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F42_zTquHSxf3XDl">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zv9IGMeqX6ob" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F48_zG9T93jNFQz5">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zJJ0HoKBIlel" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4C_zyFTruOL0P3l">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1454">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zHLTgsCgiHm8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F40_ze56bxQYUCca" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F06_zLyLxyMsLqRi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_z66tQ0kfN0Wk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zevsDvczrPb7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zDLfaC40JVee" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_zsfnyd94U4o2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zWxGFglfd2Pg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zxKRdXmXEmO2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbAxucWQMBX3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zlsyoF59deSg" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275912Member_zo3OM0J6X5bg" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275912Member_zvEyL49Ub7S2" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zHbODdCuVTA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zJKMXT9okEZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock designs, manufactures and supplies optical and photonic products with a range of cloud, artificial intelligence and machine learning (“AI/ML”), telecommunications, consumer, and industrial end-market applications. Information provided to or filed with the Securities and Exchange Commission by the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286528 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_zeB273tBLJlj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z3sRM5KvbnMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zJr7UZCt4rwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 59.6%. During the period observed the Underlying Stock’s highest volatility rate over this period was 76.5% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 60.9%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zQLhPUYPMAe9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zLjVpDl1e3vl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zUj9Jphxw4lc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zq56LVZmQOVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zLcw4DGgs8gd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zYO3lE6ehXP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z2M47PGm7Xr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zxt2LORkhOF" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zwGEHlFKvo9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zO34jlJIXyCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zozKHB1yfrP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zWdh4LWRAzwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zCILsATgt4Rd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zL9JP0hzbXbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zzbVX4rg9zQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zAKOeqKca1i6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zaRTaYPNJdkl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zoQBZffgZEjb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105175Member_zSioMUQwyCpj">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zLPOAvyPIJud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of NetApp, Inc. (NASDAQ: NTAP).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zGMplyhyc2W6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z6rVgLgMXmu9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z1vC9iuWWrIa" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20260526__20260526__oef--ClassAxis__custom--C000275888Member_zVzn3wbYpOnk" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_ztNUHI4SXE7d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zsNiHrYrGpnc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1500">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zX5bUvNGDFTl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F49_ziSOgh1RZuu6">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zMjRRRGgmp58" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F46_zLFgps7NBXJi">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zZWlWjuNImL2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4D_z45Sz0ZC23r4">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1506">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zNkDnHNE7au5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F45_z0P9BUBXNfsg" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F06_z5fVBqWNux8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zNtx7Sd7Wgm" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0A_zYTyJrZb8Xsd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_z7AvZ8qIJeC9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F00_zzxVdS18fpk8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zHGKMNgUBcLa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zknSXd8cqQrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z28A9Lx4KPca"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zx3gobrG8DO4" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275888Member_zVLoZS96kpV3" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275888Member_zBMU0rV6zv7h" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zyA8giDZ9aIh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zsY7sujYryPa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is an intelligent data infrastructure company combining unified data storage, integrated data, operational and workload services. It creates silo-free infrastructure, harnessing observability and AI to enable data management. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-291783 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_zENj0ATX1uYd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_ziX4tc4iDIb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry and potentially rapid product obsolescence, and the ability on retaining and growing the consumer base of their respective products and services. The Underlying Stock may not be exclusively or substantially exposed to data storage-related businesses, but may be exposed, directly or indirectly, to the market and business risks of other companies, industries or sectors, and the Fund may be adversely affected by negative developments impacting those other companies, industries or sectors. These companies may depend on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in cloud-based computing and data storage will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z0PpeYZ0zYY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 32.2%. During the period observed the Underlying Stock’s highest volatility rate over the period was 38.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 10.9%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zRHtIgTtsUni" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zRnmFAAx1eY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zP2aFjGpooTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zCbGt31gXmi7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zmZN5rpq0w1f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zWymr3PMte5d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z4dXnigOkO18" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zExcZ4aosChb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zcZRg4x0ZRIi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zelassjIae59" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zSZsCK6tt1y8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zSyZ82iVONF7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zd8VN06qtTr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zEqnp9YJ3Es7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_z9MhPwn1RO44" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zajpkVICpBRh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zkreDJBpDMed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zTyLEZe17eF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105151Member_z9nPhyvFtfT7">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_z7yZe3cAUbCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of NetApp, Inc. (NASDAQ: NTAP) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zhZWCXm8imY7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zOFW2BkKkgIa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zKgGWDXAREB7" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20260526__20260526__oef--ClassAxis__custom--C000275913Member_zfhOoTxperf4" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zwYiHWjgXk23" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z19RJOfkwxw7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1552">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zxXDEwhpL4d6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4F_zLei3iVUTGWd">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zAFYg6upG7m5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F49_zdIQxNB5z5Wg">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zEFX7dv72PYg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4B_z4pRrxCWX1Zg">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1558">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--NetExpensesOverAssets_dp_zBFpmJCEOku2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)} <sup id="xdx_F47_z17FBjpIlSdh" style="display: none">(1)(2)(3)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0B_z30S2iQ6ZXRe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zJIYNOwldER1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0A_zM5feQq10Tz5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_zEIU1aZnut48" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F07_zhxYWvM5Ry8l" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zOR2Mzn8DNV4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zyzBQU2sxYg4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXhlo1n4XApj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zcog9en6Dow3" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275913Member_z6HaYHXvGVo" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275913Member_zD4qb0Al2RZi" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_z3aE4C5N9lV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zP7ezaTtRI2c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is an intelligent data infrastructure company combining unified data storage, integrated data, operational and workload services. It creates silo-free infrastructure, harnessing observability and AI to enable data management. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-291783 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zDI92EJXeV23" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zMdmjIXdt3dd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry and potentially rapid product obsolescence, and the ability on retaining and growing the consumer base of their respective products and services. The Underlying Stock may not be exclusively or substantially exposed to data storage-related businesses, but may be exposed, directly or indirectly, to the market and business risks of other companies, industries or sectors, and the Fund may be adversely affected by negative developments impacting those other companies, industries or sectors. These companies may depend on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in cloud-based computing and data storage will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zikDmhw9H2Pc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 32.2%. During the period observed the Underlying Stock’s highest volatility rate over the period was 38.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 10.9%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zk8MMmsU3iSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zp0xjpd2rKF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zwFh7KcGBTwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zYwsi27V19X3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zGaz6o8vjWn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zv8Ey9RzC8rl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z22PFfdd8P3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zr4MNw5tV5N8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zXOurwYs3Cu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zD1KwWfCOsha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_z52VgvAysOVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zii1m2nsjDyf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zcZL6w7WEJg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zdBdJy7PY9K5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zE7IrfabcB6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zI02JZKq1kv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zMnHHm3swCzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zNVj6Yz5wpej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105176Member_zWlzEtkjhBc9">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zVXf8ibstJaa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of UiPath Inc. (NYSE: PATH).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zOXPVbelSNQ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div></div> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zpEWxikoxsZd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zx3o3Mxaksgk" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20260526__20260526__oef--ClassAxis__custom--C000275889Member_zubjd1ukb6ce" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zKGe7XYZoSyl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zSuhRMvzdVU" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1604">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zZHtOooTzOA" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F49_zL8JVrrNCUe7">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zTSOfqXGJEIa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F41_zg8UGkZ2QVCf">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zpZuOg8WO2Sa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4D_zJ9xubX5jaik">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1610">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_ziEXg9biS3Ad" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span>^{<span id="xdx_F40_z8GBQUvkls6b" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)(2)(3)</span>}</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0A_ziExAPMJFj8f" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zK1pl6e5GVCe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F09_zR5ZsDDuqaog" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_z8cPdkS9idSa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0D_zK9ebo5GppMk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zoWpik7UtFqe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zofqTzGoRxW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZcaFEC8kxeb"></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zeI8YgKUYJDa" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275889Member_zMK9ZuVoqvRk" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275889Member_zUBib0EzRbZe" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zH3inuqVGN04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zpfoBuIdEiB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is company principally focused on building and managing automations, starting with computer vision technology and user interface automation in our initial robotic process automation (“RPA”) offering, which remains the foundation of PATH’s UiPathPlatformTM. PATH’s platform allows customers to integrate artificial intelligence (“AI”) with automation, enabling automation to take action based on learning and experience. The platform enables employees to quickly build automations for both existing and new process and to automate a vast array of actions including, but not limited to, logging into applications, extracting information from documents, moving folders, filling in forms, reading emails, and updating information fields and databases. The ability of PATH’s platform to replicate steps performed by humans in executing business processes drives operational efficiencies and enables companies to deliver on key digital initiatives with greater speed, agility, and accuracy. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286116 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_zZITqjsMhxLi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zMD2RGe7wyYb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zj4Rl1icEzEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 65.1%. During the period observed the Underlying Stock’s highest volatility rate over the period was 77.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -32.1%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zPurLIjpGEAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zu8i2TXnlnoa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zX4ZRZS81A4f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zdGn3A8Bpwbg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zGaaZKWmulJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zZPvegSHVOPa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zzxRiXQegF8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zJKOShIwNSL6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zsxpOPkDBdv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zwEDiaeq4P4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zfzWlbVSyzkj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_ziWLsuteh5gk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zg7KYe9y3xd9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zFHOc35ts812" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zYrf3xm5y8Bh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zQd0PYHI1lsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zvU7CxqZ9t83" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zUBu8jkDcoVk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105152Member_zMqc8sMmowRl">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zAZNMaKq63Ti" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock UiPath Inc. (NYSE: PATH) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zF17M0dgpe26" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zYn72Noa0iEh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zmv6jX9d6bN8" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20260526__20260526__oef--ClassAxis__custom--C000275914Member_zL6PvNzRu5V4" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zf1uiVPQXgSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z1MGbFkFdxh7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1656">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zNOuYFjbQpA5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4C_zMzEn3LRLC08">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zn1SIulGCrLg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4E_zGb1InaO34Gb">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zZSH25tuQ0U9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F43_zB4PJ4H47aV1">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1662">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zranG8WLpAFe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span>^{<span id="xdx_F49_z9SzbTsPV2h9" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)(2)(3)</span>}</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F02_zQaxZOTXhOtc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zaWPyokHVLXh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F01_zUhvDoO9aEXg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zmBqVzS03WA5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F00_z866rY9ON4yi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_z7Qs6KiQ8xj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zIo32R46Akia" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmc04jskawHj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zBsl9k8afT8f" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275914Member_zMhe0FLkzoZ2" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275914Member_zMEy0OrDSyFg" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zvZ2CDemxIQ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zu9U06PNU7i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is company principally focused on building and managing automations, starting with computer vision technology and user interface automation in our initial robotic process automation (“RPA”) offering, which remains the foundation of PATH’s UiPathPlatformTM. PATH’s platform allows customers to integrate artificial intelligence (“AI”) with automation, enabling automation to take action based on learning and experience. The platform enables employees to quickly build automations for both existing and new process and to automate a vast array of actions including, but not limited to, logging into applications, extracting information from documents, moving folders, filling in forms, reading emails, and updating information fields and databases. The ability of PATH’s platform to replicate steps performed by humans in executing business processes drives operational efficiencies and enables companies to deliver on key digital initiatives with greater speed, agility, and accuracy. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286116 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_zM7uxRXemhod" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_znPHh9C3lR3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zKJbp92onhU4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year <br/> Performance of the <br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 65.1%. During the period observed the Underlying Stock’s highest volatility rate over the period was 77.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -32.1%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zxgkUQanvm64" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zhjMU4jP8rnk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zvdwWI08wwq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z2ijqBF1Bn16" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zkIa8J0qbdt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zJEXwIfQff56" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z3nYxQDacDS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zkt11Ffp9V4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_z39SIKjdMtQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zBq6RSwgaFQa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zEQlhbW11zO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zRUcGhkpgB26" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zar5tZxjwpcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z70k9wNFoR04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zibOJaVsyYT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zkBeXgJxDu0j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zBuGTYTAbMfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zX7OhJ4IUvZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105177Member_ze0jJdvFsI77">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zUaCfsBZcQWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Everpure, Inc. (NYSE: P).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zEAJFcAbKtTl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zWQrpiXKEA59"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zRb79g9UWru2" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20260526__20260526__oef--ClassAxis__custom--C000275890Member_zHwldpU3Ogkh" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_z7iIfPIBE717" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5uqEveo20C2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1708">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zrOpmP8jbLs4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F48_zxPBAHx4PDV3">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zPGiqfl6lGll" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4F_zuFDUwMOrwGd">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zv5UhYB27gm5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F47_zdplrHf3Zp4b">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1714">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zCnDcaj9mqx4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span>^{<span id="xdx_F48_zr7IgHjHGYmg" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)(2)(3)</span>}</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F06_zaPcEjsPXgbb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zjBacXwMN60e" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_z40RorhlUSf1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zMDaTT97IKed" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0D_zS2NojMWoXli" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zETY7xEz7plb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zdydcVqBAR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKDYHa20SUjh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z0hCHJVsPeJ9" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275890Member_zJ1XClq091db" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275890Member_zxkEYcqQxcQ5" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_z6R2Xhg1p2X" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_z3Sj2grI1uH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a data management and storage company. The Underlying Stock is focused on delivering a disruptive data storage platform, which supports a range of structured and unstructured data at scale and across any data workloads in on-premises, cloud and hosted environments and includes mission-critical production, test and development, analytics, disaster recovery, backup and restore, artificial intelligence (AI) and machine learning. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286147 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_zwcuowEmqxP5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zVEzfqKMX1H9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock faces intense competition and potentially rapid product obsolescence, and it depends on retaining and growing the consumer base of its respective products and services. The Underlying Stock may not be exclusively or substantially exposed to data storage-related businesses, but may be exposed, directly or indirectly, to the market and business risks of other companies, industries or sectors, and the Fund may be adversely affected by negative developments impacting those other companies, industries or sectors. The Underlying Stock may depend on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in cloud-based computing and data storage will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zkfLli0OSVd1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 52.2%. During the period observed the Underlying Stock’s highest volatility rate over the period was 60.7% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 29.6%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zN30Kmw525Xd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z9rGrZMGVfJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zPcgBs8D04c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zszktzUYMTm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zLHILpzjVpQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z0xfYzNkVXc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z53Bno4yH1mi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zxrmCOnTe2ld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zkWwuCnNCIq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zWSjAZsIpQS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zNRqSdRiPgAe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zBFbXgcWOcX8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zVngWK33jML" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zA2nLBRBGva2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zTpwUJK2jBh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zi1tFa1xntB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z0Xi3IGRxQsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zXIJVBqRqnk6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105153Member_zQTxbkzoBD4i">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zbI9X9UoqXsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Everpure, Inc. (NYSE: P) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zQfZXQYLN3qc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zEGpaX6VHVH7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zT9DECzgEAYb" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20260526__20260526__oef--ClassAxis__custom--C000275915Member_z2dXSaiY8P6k" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> <b></b>(expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zZqZ5onpwcFg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOQyiQNB3lZ1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1760">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zlEHkIEt9wJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4C_zVoAj7uMtNoe">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zybXFBBCmd48" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4A_zscFcwRsyMIh">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zRgacny434d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4B_z8c6r7TF4K21">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1766">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zsxjSlALfK5b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span>^{<span id="xdx_F45_zvsdaZVQ4chi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)(2)(3)</span>}</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F02_zjEBV8grWelc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zEVGo0xbLUC3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F04_z91PfbDp5Ykc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_ztWjNOszq4y4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F06_zTyu5yV2L4b6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zMbeCpdl00z6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zFPiv8xJpCdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmU3Q9R0ft3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zVHORQz89yBb" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275915Member_z48dl6NC43V4" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275915Member_zCBDpASmSaV8" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zL9F68l7YhAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zTSa1k0HSPx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a data management and storage company. The Underlying Stock is focused on delivering a disruptive data storage platform, which supports a range of structured and unstructured data at scale and across any data workloads in on-premises, cloud and hosted environments and includes mission-critical production, test and development, analytics, disaster recovery, backup and restore, artificial intelligence (AI) and machine learning. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-286147 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_zAu15nfP8uX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zTpxfByMi3vk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock faces intense competition and potentially rapid product obsolescence, and it depends on retaining and growing the consumer base of its respective products and services. The Underlying Stock may not be exclusively or substantially exposed to data storage-related businesses, but may be exposed, directly or indirectly, to the market and business risks of other companies, industries or sectors, and the Fund may be adversely affected by negative developments impacting those other companies, industries or sectors. The Underlying Stock may depend on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in cloud-based computing and data storage will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zmCZgYswApH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 52.2%. During the period observed the Underlying Stock’s highest volatility rate over the period was 60.7% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 29.6%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zZSoJXEwPYi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zd45K02TR2Ya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z4Yu6RSm7hKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zz03TGWQ5yKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zfgaV18fTAEc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zN8fOkjRVMlg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zMaxDodQy4r3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z9z7gdzX7MQe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zknO58n5uFFe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zg3yzy3NWQDl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_z7sEPh3In7x5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zItNuPYlr7Vd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zR6ijeXlvP7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zwv05dSWptKb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_z9c3Rp0tARJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zZBYTISMgMO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z7HFxqrZe0Re" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zTekEIV6cQWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105178Member_ztjO2cj6kinc">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zL28rDcy6Bvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Qualys, Inc. (NASDAQ: QLYS).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zM4Hl3SFdBzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zzwdWqHOCJM7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zexDn8F3MzC6" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20260526__20260526__oef--ClassAxis__custom--C000275891Member_zddNiANVUHpe" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zOs6iTIe3bae" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzRSOygi6rb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1812">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zLPYXJCeV37l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F47_zVReRorbNd5j">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zLVTsgCbK7lb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F49_zuC853DRIOHb">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z5HpPpXvF1D3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F47_zMUyvqi28vza">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1818">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zLgEjGHiv6gk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span>^{<span id="xdx_F4E_z27pbrHN3Ddg" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)(2)(3)</span>}</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0E_zNzyHmlN9eOd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_z5dnMkFbUN6h" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F00_zVsAXtpzBkA3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zb99gC4pviO9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F01_zSINz4D5hf0i" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zrVVZigeuIn7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zXaVz5tq7Ba7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zO1YyBl0l4Uc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zO19RhqTJ1X" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td><td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275891Member_zSJffESPjCa4" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275891Member_z0Zd76JzvTA6" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zIMs5xo6hO8a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zkZOzlQjGuO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a provider of a cloud-based platform delivering information technology (IT), security and compliance solutions. The Company’s integrated suite of IT, security and compliance solutions delivered on Qualys’ Enterprise TruRisk Platform enables its customers to identify and manage their IT and operational technology (OT) assets, collect, and analyze large amounts of IT security data, recommend, and implement remediation actions and verify the implementation of such actions. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-262912 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_zw7b6OJCY06j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zSzLlfXZGpTl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zFbV3JCauX35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 40.0%. During the period observed the Underlying Stock’s highest volatility rate over the period was 44.2% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -2.7%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zTWQSla5BDZ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z5TYcEkPlHg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zeq0vyZbkNc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z11Vp2mBVS6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zZGvDLBtvfoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zmPQAOLZym54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zb4Zv2oJmT6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zIfeTv9Lp6Eh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zBHypYGQJzXg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zcTLf1MRMpLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zBhr9FUOlvB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zRQN5XViSAga" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zL16eMnIhKBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z20Bgp1LFjO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zQsz40mt5oz4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zprR8ezw4wk8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zbP6MvAKTce8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zJrXcrMfCKoi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105154Member_znhzpvKHBEWe">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_znDhHAF6SnI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Qualys, Inc. (NASDAQ: QLYS) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zesfW2v6aKrj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zmTlrEmQJ7C5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zsCwLK5KBWm6" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_492_20260526__20260526__oef--ClassAxis__custom--C000275917Member_z72Wr8v85vYa" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zci9tq5kbhUk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zESARwRIXibf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1864">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_z4pjN5HR2Mj1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4C_zuFoxN8vh0aa">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zE6hYalCkcXh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4A_zW48xAdBA2de">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zSkGMyjA7DId" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F44_zOGArrR7qLW6">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1870">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_z5i2gxsVSXUh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span>^{<span id="xdx_F45_zLOWChafBIR7" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)(2)(3)</span>}</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0A_z2TgMQKLli83" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zIsnscYRxtM9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F08_zVVFErFpd9b1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_z6pUPEIYDCwc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F09_zDaiUIrsUlfl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zSxfaI7nuqs" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zu0uDJs7Rm04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPiQyCMzDTT"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zxJzNcvkgFN1" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275917Member_zYaoIvfZccWl" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275917Member_zS9R9lRz1hch" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zu8jLdtHqNKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zBx6jihWwBwl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a provider of a cloud-based platform delivering information technology (IT), security and compliance solutions. The Company’s integrated suite of IT, security and compliance solutions delivered on Qualys’ Enterprise TruRisk Platform enables its customers to identify and manage their IT and operational technology (OT) assets, collect, and analyze large amounts of IT security data, recommend, and implement remediation actions and verify the implementation of such actions. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-262912 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_zyCc0tugI2qi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zvYA7unMXpHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by global markets and demand for its products and services, its ability to develop new products and services, inventory levels, supply chain issues, the performance of third-party software developers, system and network failures, privacy and cybersecurity breaches and changes in international and government regulations. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology industry may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zcgXTQL2UuF5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 40.0%. During the period observed the Underlying Stock’s highest volatility rate over the period was 44.2% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -2.7%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zYZ46dQc5D7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zGlZY8BPAS6c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zHDOzhVhNgb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zomL5bs9j075" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zli7FOjsi00l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z3KJo7fou3eh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z6627VwAUgx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zWwcRm1dth2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zbgjfdQpWxR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z0JRpltz3Bq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zXVVn9ilFJR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zRCNd67pB5Y1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_ztHJaFqIvBGi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zoCd8GtsclI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zoWsuYob7Hc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zcaRJZjTUtx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zawpcKhiKlT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_z8lZR1AXiI36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105180Member_zQZN8HKtQvzf">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zviRdbjbMqr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Rocket Lab USA, Inc. (NASDAQ: RKLB).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zQfAVTsaEmS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zFdkofuoyFe8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zARszhI2wE7c" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20260526__20260526__oef--ClassAxis__custom--C000275892Member_zKcuwrq8W268" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zJtH6CYE2D3g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlLqeL7QAmme" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1916">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zdj6TfAMfQ2i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4F_zdR7TBfWPLu3">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_z96bhD0IjY4k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4F_zWcOinJPP6Q3">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z0FmsiZqNWJ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F41_z3EJSqF3ZcAh">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1922">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_z9CQGaOWh4u9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span>^{<span id="xdx_F44_zyzX3zlaIFle" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)(2)(3)</span>}</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0E_zhOTQ6qIrywb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_z0HO7tWRcsEg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0E_zcS4Tax6exo4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zGSNKdXVHzv8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F08_zZy7UPwPI1ak" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zZipMMyuhw6f" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zrM4JHyLFH99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGIsKP0cgUqf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zNIAqMTNCK0c" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275892Member_zERjJZ0szD53" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275892Member_zT3U0WqL6Om1" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_z1vYG5sWhop7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_za8UehkWClUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is an end-to-end space company. The Underlying Stock designs and manufactures small and medium-class rockets, spacecraft and spacecraft components, and related software and services to support the space economy. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-285707 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_zgtLxz9nwh2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zmawnMXHFSgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock is subject to risks stemming from their reliance on government budgets and spending priorities, which can fluctuate due to political and economic pressures. The Underlying Stock operates in highly competitive markets and may face challenges from both domestic and international competitors. The aerospace and defense industry is also affected by geopolitical tensions, trade policies, and regulatory changes that can impact market access and operational efficiency. Aerospace and defense companies typically rely on complex supply chains for specialized components and materials. Disruptions in these supply chains, whether due to shortages, price increases, or geopolitical factors, can significantly affect production and profitability. Additionally, technological advancements are critical for maintaining competitiveness in this sector, but the high cost and uncertain outcomes of research and development efforts may pose financial risks. The Underlying Stock faces heightened cybersecurity risks due to the sensitive nature of their technologies, and breaches can lead to operational disruptions, reputational damage, and regulatory scrutiny. Long-term fixed-cost contracts, which are common in this sector, may expose companies to financial losses if costs exceed estimates. Furthermore, environmental and safety regulations, as well as export controls, tariffs, and trade restrictions, impose significant compliance costs and may limit market opportunities. The aerospace and defense industry is inherently cyclical and influenced by global political and economic developments, which can contribute to earnings volatility and investment risks. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zkacRnU7N349" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 78.7%. During the period observed the Underlying Stock’s highest volatility rate over this period was 91.3% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 51.2%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zsGQpyAXzjph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zB3dM7cvGwz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zu8sXwXRvwN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zkHlW6YsD33j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zmpW39gJgEn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z0ASDw4sX4A7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zv1IWT2jH2I6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z7aZG3F1tIEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zrg1ss6N9PO" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zKI7sN6tz2cb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zDN0s8AUCat8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z66Tk0qj8Sf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z5CFp1XqnsL6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zP1BeIWLYUt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zGqSCMlVQ928" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zCmdetGECLXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zp7UcbTFy179" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zEVjL86qyGz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105155Member_zEuW6wIf8R68">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. </span>Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z71Gu2SgvWTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Rocket Lab USA, Inc. (NASDAQ: RKLB) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zkO4jdISGo59" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z5cVhT8D9179"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z7V1OZ86CCF5" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20260526__20260526__oef--ClassAxis__custom--C000275918Member_z3k7NC5M4m93" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zanM5mmno3Qf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zcGabEzV33L5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1968">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zSVJFR00ynS7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F43_zxoHhwU1ZLq3">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zB7XN6szd4A7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4D_zLc3e9VQB2sb">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zruiNyZw7Vx3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F44_z9fp8YA7lr1g">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1974">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_z6oePgdDWbwh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span>^{<span id="xdx_F4C_zFh6YYAIspqf" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)(2)(3)</span>}</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0D_zK02Atyvocwc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zBG5Z0R9xpe1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F09_zLWci3LbC4t5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_ziVFg5q1AJk6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F08_zg6ve5ToNEsd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zVC0QWFgDWf7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zbgRznPm5lGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zIoobjoUop2i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zIJcKq4Ob4hf" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275918Member_zgmcwwmjyorc" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275918Member_zvw6AOjRoGJd" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_ze81sSt0VPib" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zlLElzwrp5Od" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is an end-to-end space company. The Underlying Stock designs and manufactures small and medium-class rockets, spacecraft and spacecraft components, and related software and services to support the space economy. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-285707 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_zymogNEVvV2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z7wyau55o6l6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock is subject to risks stemming from their reliance on government budgets and spending priorities, which can fluctuate due to political and economic pressures. The Underlying Stock operates in highly competitive markets and may face challenges from both domestic and international competitors. The aerospace and defense industry is also affected by geopolitical tensions, trade policies, and regulatory changes that can impact market access and operational efficiency. Aerospace and defense companies typically rely on complex supply chains for specialized components and materials. Disruptions in these supply chains, whether due to shortages, price increases, or geopolitical factors, can significantly affect production and profitability. Additionally, technological advancements are critical for maintaining competitiveness in this sector, but the high cost and uncertain outcomes of research and development efforts may pose financial risks. The Underlying Stock faces heightened cybersecurity risks due to the sensitive nature of their technologies, and breaches can lead to operational disruptions, reputational damage, and regulatory scrutiny. Long-term fixed-cost contracts, which are common in this sector, may expose companies to financial losses if costs exceed estimates. Furthermore, environmental and safety regulations, as well as export controls, tariffs, and trade restrictions, impose significant compliance costs and may limit market opportunities. The aerospace and defense industry is inherently cyclical and influenced by global political and economic developments, which can contribute to earnings volatility and investment risks. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zpH9ocsAF9pd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 78.7%. During the period observed the Underlying Stock’s highest volatility rate over this period was 91.3% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 51.2%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zlpYG5opGCKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zjcQ4oPl6a23" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zcHziWtXnpnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zbAjbywRPYYc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zlehUfVu6sxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zrF9oxGPe0S3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zEhXhVHZZala" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zShcihfotGZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zru8pUA4Qfp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zv2P30DmXonc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zuARsEfhq0Xc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zj7qriYrek53" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_ztXJNUi3T9H8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zFltyS9IJi76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zL8AYtpF7dqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zpG41GdXB0Ae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zNsj7MQXdTW" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zk65KGiwdV3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105181Member_zK0prkaPR6Sa">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zk4eXmAoSKL8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of SanDisk Corporation (NASDAQ: SNDK).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_z4vSubqHaYld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zLJPoYu10tGc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zANzrePsM0Bf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20260526__20260526__oef--ClassAxis__custom--C000275893Member_zxcsGxqvSuB6" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zOgqzsdDQ7ll" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAou2RyDEBE" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2020">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zdYnZNqAI8je" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F43_zbtQtMdWHUw8">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_z5Nly18TXQVk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F45_zCdJZkZU04pc">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zSu7fdVB6Kx2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F47_z94yj0wNwJxd">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2026">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zUDTETec8JGl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><sup id="xdx_F40_ze9ffQS41usd" style="display: none">(1)(2)(3)</sup></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F03_zhXpHSN1BQnl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zSrk7wTtQd0d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F04_zMcEuGIluRP3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_z2tBxr8rwzgk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F01_zblyFicQBBR5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zyRGyjACsnL" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zwdm1F3vrIo2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_za7fgxzZsOBl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zGDyICoimMwc" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275893Member_zEPJGj2b8lya" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275893Member_zwHtPeBxnmfd" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zdeQ8AmQDYDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zEY2BO80E692" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology and has consumer brands and franchises globally. The Underlying Stock’s solutions include a range of solid-state drives (SSDs) embedded products, removable cards, universal serial bus (USB) drives, and wafers and components. Its broad portfolio of technology and products addresses multiple end markets of cloud, client and consumer. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-293514 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_zXh3QzhSrsl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zfxsUwdqor0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock faces intense competition and potentially rapid product obsolescence and depends on retaining and growing the consumer base of its respective products and services. The Underlying Stock may not be exclusively or substantially exposed to data storage-related businesses, but may be exposed, directly or indirectly, to the market and business risks of other companies, industries or sectors, and the Fund may be adversely affected by negative developments impacting those other companies, industries or sectors. The Underlying Stock may depend on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in cloud-based computing and data storage will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z7zSXRykrxYb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from February 2, 2013, to April 30, 2026, was 101.22%. During the period observed the Underlying Stock’s highest volatility rate over the period was 103.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 0.7%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z8Z1ErXZknGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zRAnKwAKbiJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zopz3Kny4sI5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zWzVr1inD7qi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_z6jwHPspvuT6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z4cqlmSWjbVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_ztefYHAGEhTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zo74JRjQCiMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zuAhCoTwBWD8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zpfyyePbd30e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zCYqwFHClbHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zzGzf7YU0pEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zcbb7jmbL7Mc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zGmpqtDYpnjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zvXZUpoeVro4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zglLCnqsAcB9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z6yNhHLjLOHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zTUQeCNGq3n" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105156Member_zvdASiURxiih">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zVRrSElc5WHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of SanDisk Corporation (NASDAQ: SNDK) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zdXEmUbdnCA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_z63Xffus365l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z68snWMuUL52" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zvgpi4Rg4sJ6" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20260526__20260526__oef--ClassAxis__custom--C000275919Member_zNwy3X8MOVK4" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_zdAjchTVTwvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zO6MT9mTwLU" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2073">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zPU7ithRmoN6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4A_zLfs636kUnMl">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_z1v5qWrmzhkk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4B_zbzROyRSdRih">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zhziYOPojUke" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4B_zi7bfVgAUYq6">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2079">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zAtSL7FvMRIk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><sup id="xdx_F42_zEwRnyxxKhzd" style="display: none">(1)(2)(3)</sup></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0A_zqR7fP1WzIJj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zHG8luURoVul" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0E_z2GGYfB23dB" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_z8N0aEXwOnv4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F02_zWQ4MFxOcDEc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zKlKVNe4ZqS6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zGudss7e0Tc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zc58dY5IhKjc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zRZPgC3BY4cj" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275919Member_zIu341v85dub" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275919Member_z5b6ubQltGSa" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z8R5V6uKdnh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zwTjEAYvm1u" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is a developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology and has consumer brands and franchises globally. The Underlying Stock’s solutions include a range of solid-state drives (SSDs) embedded products, removable cards, universal serial bus (USB) drives, and wafers and components. Its broad portfolio of technology and products addresses multiple end markets of cloud, client and consumer. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-293514 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_zBDM4Bw5GGs1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zlzztevKkINk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock faces intense competition and potentially rapid product obsolescence and depends on retaining and growing the consumer base of its respective products and services. The Underlying Stock may not be exclusively or substantially exposed to data storage-related businesses, but may be exposed, directly or indirectly, to the market and business risks of other companies, industries or sectors, and the Fund may be adversely affected by negative developments impacting those other companies, industries or sectors. The Underlying Stock may depend on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in cloud-based computing and data storage will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zMJTwonEngJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from February 2, 2013, to April 30, 2026, was 101.22%. During the period observed the Underlying Stock’s highest volatility rate over the period was 103.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 0.7%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zlAurRyY1mYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_z2AQcYmwqV0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zzEpbAMG2Zxg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zyuqWBq76Cah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zcl4UGhTArSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_ztCHyO3qwAy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zxQWMFn7Zro4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zuo9TwFnHhog" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_z7lF4XTzCjUa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zV1wtsnptpta" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zBoDHEbrAIYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zEpgJOxKxpRh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z8iAZTy3YvNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zleGYla2lk4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zZoAu1ttY46i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zl3quOduQ2Oj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z5TluYscVdhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zEJtJ6WYGGl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105182Member_zT5f3twGSqU5">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_z9QcG7phWZ29" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of SoundHound AI, Inc. (NASDAQ: SOUN).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zk0xWAdGyn2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zXWEjTaIekVl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z48lf7oPmJ8a" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20260526__20260526__oef--ClassAxis__custom--C000275895Member_zyoBqDKMzYGd" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zbXIjGjAThJi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzh9l0X7WPO8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2125">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zf9t2XoVWCMj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F48_z8Bcc1jaG0e7">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zSlP3WTnnpZ5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4C_z8d2QTt3XCf8">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z2fqpBbw6fh7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F47_zPMs4xwLdx14">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2131">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zCFcyoqVvsye" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><sup id="xdx_F47_z2k7o0RmMcSi" style="display: none">(1)(2)(3)</sup></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F01_zXgI2h6pHdAb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zYjYhJwaL09a" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_zSpcvOwE23hi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_z37pTqjLBv8b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F00_ziPamxPiLswl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zms3C0ODuDn9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zrT33qFxxUgi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div></div> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDWgMCnVD6jd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z5yQ0KNItx4b" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275895Member_zOKgOC5lbOAb" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275895Member_z1zAGl2fs8k3" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_z34m9sxA0HL2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zKX2YcmBpwu3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is engaged in conversational intelligence, offering voice and conversational artificial intelligence (AI) solutions that let businesses offer experiences to their customers. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-293947 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_zUfulnmuwUIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_z1DYovqhmHY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. The Underlying Stock is subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. The Underlying Stock also faces the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of the Underlying Stock and, as a result, the value of its securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, the Underlying Stock has limited operating histories. Prices of companies’ securities operating in this industry historically have been more volatile than other securities, especially over the short term. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zSd3ou9woE1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from April 28, 2022 to April 30, 2026, was 139.5%. During the period observed the Underlying Stock’s highest volatility rate over the period was 198.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 1.5%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z8exCYBhIZvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z4mmRkIm2i87" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z9JIoyzJFaI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zhSwrvxFES9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zh2TUN1CEvGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zbahmZEIBav" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zAbVj71eSXh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zgJRLreUGWZd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zdjSiqwLAcOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z6TPc9cxMAXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zvvd9kW8T1i4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z1xSVOWe4dna" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zTqlBlqyhVFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zVk2FGmnpBn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zcCGw7xCUJze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zJK5MNBniWz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zqoAS24C80x7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zDf0oBo9eVa8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105158Member_z2HwdUrSJFcf">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zEfnKsaQWCJi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of SoundHound AI, Inc. (NASDAQ: SOUN) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zLEJ8whgp0sa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zcVC3KXOKxg6" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20260526__20260526__oef--ClassAxis__custom--C000275920Member_zdl4FgsLJ2Ud" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zkR93EMaJTG6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zw16qB4Vau56" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2176">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_zP3pyS76cFE9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F41_zoiZgmmeCbt7">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zlcN3x2a2du" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F4F_zOgbOTNptdw">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zOcKx3DfhZHe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F49_z9cBK7hSZble">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2182">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_z6OK9feR6LZ8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><sup id="xdx_F46_zd9cmHwBpxA9" style="display: none">(1)(2)(3)</sup></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0D_z6kPW4uV4eSh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zyMwLbi8NUD9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0A_zKNQRtURoLDh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zKMz6bSjtdpf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0D_zVJkPXNLnT8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zzPEC4Ih4rV1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zawraYlv1jp" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zN3DjJvrPfe9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zpmXatKRMLye" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275920Member_znFmrYGCPn27" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275920Member_zGRgfryQYAp7" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zGZ3y8CQVOZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_z6lPrOdgKnA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock is engaged in conversational intelligence, offering voice and conversational artificial intelligence (AI) solutions that let businesses offer experiences to their customers. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-293947 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zHw3bS5bh6vb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zzXa0P7ovEpa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. The Underlying Stock is subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. The Underlying Stock also faces the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of the Underlying Stock and, as a result, the value of its securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, the Underlying Stock has limited operating histories. Prices of companies’ securities operating in this industry historically have been more volatile than other securities, especially over the short term. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zzvJYqfsCszf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the period from April 28, 2022 to April 30, 2026, was 139.5%. During the period observed the Underlying Stock’s highest volatility rate over the period was 198.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 1.5%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_znSz23Iet5og" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zyTb3u1s67Ue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z1JfdQjsdQi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zoP5Dzlcpfjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zVE5WSIB25c1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zFdc2xSfT0I4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zZRHFvQPDPZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zKKaFVk2dJZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zf9i5kYDqAVl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zUXX1xpPg6Sk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zufc8WDpxvGc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z7lvXDN0lvf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zzSI56svA7Ih" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zpXcBsxZhUal" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_ztWpkjsEBMya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zBAAcJYypBx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zu0ens3fN35h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_z9OrQhquSha6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105183Member_z8Y4jLQECfTg">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zw49i6bEfEG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Seagate Technology Holdings plc (NASDAQ: STX).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zctUTPuzmeS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_zVV5yQfKYds9" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20260526__20260526__oef--ClassAxis__custom--C000275896Member_zaZ1w9cyVjh2" style="text-align: right">1.30</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zUUfWF84tX92" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5JenidZBMy9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2227">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zYxJAQfcsWW2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4F_zVJJf51Tgk2d">(1)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_zydRjXOlar3k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F47_zo3dwEQiTkbg">(2)</sup></span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zgWAKw29TeC6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4B_zWEIxQozcwfe">(3)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2233">-</span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zSEkYR3x6JXl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><sup id="xdx_F48_zOtQzCRNtK5b" style="display: none">(1)(2)(3)</sup></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F09_zsV6WxbiO1Bb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zSjAJFN19ank" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0C_zrWzuFdsJxEk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_z1X0aNEsI4x5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0C_zTuXBccAhnfl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_z4ylKatMbUtj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zg3khWsGcbDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zv9uu43vTEhf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zguXFVSmko28" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275896Member_zM5MWG5McHHk" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275896Member_zqhc7axXOhi2" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zFyH3JigXrIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zSgW44iJPd37" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock provides mass-data storage infrastructure solution. The Company’s principal products are hard disk drives, commonly referred to as disk drives, hard drives (HDDs). The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-293100 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_z2T0ochJ2VVl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zr5gEEGn2iBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock faces intense competition and potentially rapid product obsolescence and depends on retaining and growing the consumer base of its respective products and services. The Underlying Stock may not be exclusively or substantially exposed to data storage-related businesses, but may be exposed, directly or indirectly, to the market and business risks of other companies, industries or sectors, and the Fund may be adversely affected by negative developments impacting those other companies, industries or sectors. The Underlying Stock may depend on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in cloud-based computing and data storage will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zop2uzKcA8O5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 45.2%. During the period observed the Underlying Stock’s highest volatility rate over this period was 53.4% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 71.3%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z1CYeNjHdNH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zD02T93g3FJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zA6u10IHuwzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z6tSTKAy9dFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zWYOWriUy436" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zwGnKWJwDMie" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zorpWHTcu7se" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zgTAtGzcLIhh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_ziWKOXn78oY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zLUrSX6Aqnud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zY4E1CRJU38l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zXOVzzSzyE0e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zKrE0hiiLXg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zEk5C9R8P626" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zOOzMmkylOw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zVOHHQyCDSgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z9LkGcVACRmk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zWkkTe20TMRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105159Member_zfNfmvQFpTw3">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zXRejqZyjtIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Seagate Technology Holdings plc (NASDAQ: STX) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zIctCkrGBjFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_z9rvqwdql0wb" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20260526__20260526__oef--ClassAxis__custom--C000275921Member_zKUZrSLotDQl" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_zDc4xAPWjhlg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zSGQowwhjctd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2278">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zYD46bdMd85g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F40_zc2cEcWJDMTl">(1)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zg5n2PZgzopj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F40_zBEQi28y9dQ4">(2)</sup></span></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_zyWgcgCXkQsk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4A_zrT4su9aNMM4">(3)</sup></span></td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2284">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zv54MbOEvVjc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><sup id="xdx_F4D_zR15FgixuWC1" style="display: none">(1)(2)(3)</sup></td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F06_zUtXGtPa7lb3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zKaekFcJVDAh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F07_zaRVF17bMVca" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zPIvCYIlmDgb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0A_zGW3tRB9U2e9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zvPRt8z8j8G8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zjaXqZIyQt6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwpwjK8Vh3El"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z8KxCxxYWQXh" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275921Member_zSSoOtVvEOyd" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275921Member_zfUllLyZMgHg" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zVdbJkxCE936" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_z301MgGCV237" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock provides mass-data storage infrastructure solution. The Company’s principal products are hard disk drives, commonly referred to as disk drives, hard drives (HDDs). The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-293100 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_zQxNqSVI4QA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zpqMFDKlCzvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock faces intense competition and potentially rapid product obsolescence and depends on retaining and growing the consumer base of its respective products and services. The Underlying Stock may not be exclusively or substantially exposed to data storage-related businesses, but may be exposed, directly or indirectly, to the market and business risks of other companies, industries or sectors, and the Fund may be adversely affected by negative developments impacting those other companies, industries or sectors. The Underlying Stock may depend on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in cloud-based computing and data storage will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zahZX3YNt0R4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 45.2%. During the period observed the Underlying Stock’s highest volatility rate over this period was 53.4% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was 71.3%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z4qqJrL9nr6k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zt0UxWrUs03a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWQJMzg01vIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zNyN2AYZumdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_z1jgfg8Z3pAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zHM70YUyJdJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zGHITe4K5Eq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zaBfClIaJOnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zNKM5iFFm69g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zmg2lCPNdVSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zYDlC0mbc0v7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zsVeAlcqtS48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zse7u8SkrC5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zD4C5WvIIp42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zJ2wuWLSYoKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zOY0fFg9711b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zUFCpKxuMjMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_z8Kdxf7r57vi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105184Member_zJxD8F9Pjull">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zu3YImw4jmv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Teradata Corporation (NYSE: TDC).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zFgT1SQeQDQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zMsqOikqpyNe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z4ehRWAu6f3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20260526__20260526__oef--ClassAxis__custom--C000275897Member_zc2GEt1jkCtg" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_zJaAH17VDpZb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1.30</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zijvG0XFoIL" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2330">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zj3dIbSbeXBh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F40_ztbE55YeL0s2">(1)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zmYgaSLwc8L6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F47_zCKkBq4Fxg">(2)</sup></span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z17esTFcbFVd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4F_zHazsk9qhNE3">(3)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2336">-</span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zOy5BsB7wXg8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><sup id="xdx_F43_zLH6UKNRrl7a" style="display: none">(1)(2)(3)</sup></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1.50</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0B_zRTClYQQLvU6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zH8ClbFCsRf3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F01_zJikXrn2gUd8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zcsHYQOwX7Df" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 4% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F04_zCEjgITROKS7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_znZL53xTRTzb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0130 0.0020 0.0150 0.0150 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zFONgypbtINd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZJb9CLr3qDe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_za4bDYkl3Gr2" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275897Member_zQgLNis6uPPb" style="width: 47%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275897Member_z1KB0swgWlF" style="width: 47%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 156 511 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_z52nHVcWf776" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_ziTtWeOTQ3Jb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock as well as directly purchasing the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately 200% of the Fund’s net asset value. The Fund aims to generate 2 times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock or buy the Underlying Stock directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock offers a complete cloud analytics and data platform for artificial intelligence (AI). Teradata Vantage is the Company’s open and connected platform that is designed to allow organizations to leverage all their data across an enterprise, in a hybrid environment. Teradata Vantage platform includes Teradata VantageCloud and Teradata VantageCore. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-287322 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_zQ6tGcPkiebc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_zV9jGq50BQZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zZSmBloWBlTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund’s aims to replicate the leverage daily returns of the Underlying Stock 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 the Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate leverage daily returns. For a Fund aiming to replicate 2 times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. </b>Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 45%; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 20%; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.8%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt dotted; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.1%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-38.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">239.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; border-left: black 1pt dotted; border-bottom: black 1pt solid; background-color: white; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C6E0B4; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.1%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 46.7%. During the period observed the Underlying Stock’s highest volatility rate over the period was 52.7% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -14.5%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zSaYobi42Ejg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zVcS8GTthIyk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk:</i> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are averse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, 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 the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zCHd3CdubSWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zJn44wv9NWde" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zZ1wR3ugyBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zbBbFLrt3gh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zcXHuhdfjj34" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zNDPkY6J5uX6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zhSmQOHeB5Ba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zd2cUCikrDbg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_z9cP2onFd9yb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zmkk6kEJ6Dbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zUbzaaPBIqae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zzSIt8H8gEgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate 2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. The Fund may be required to deviate from its investment objective as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zvOIz04wMho1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zA3suToVWPH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zrhdFxaNOq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zBIqDfEKhGy3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105160Member_z3inuMNe6QY8">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zC5n1UTbNPGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Teradata Corporation (NYSE: TDC) (the “Underlying Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fund Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zJND4FF2RFBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). The fees are expressed as a percentage of the Fund’s average daily net assets. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_z3rSstSMwpyl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_ztZPjwdjLRPf" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Management Fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20260526__20260526__oef--ClassAxis__custom--C000275922Member_zaNyudRe4Yg" style="text-align: right">2.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_z0Ks2JH1ptyd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0uddSGA42sd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2382">-</span></td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zm9arRMDCj85" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses <sup id="xdx_F4D_zioYm7Pul0o6">(1)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.20</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_iT_dp_zjTHDmxs36q7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses <sup id="xdx_F48_z79Wc6hiawGh">(2)</sup></span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp_z42qDpTnm4B5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waver/Reimbursements <sup id="xdx_F4E_zYDRc1GeARkg">(3)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2388">-</span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dp_zZUVy6C0pHf3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Annual Fund Operating Expenses After Fee Waiver/Reimbursements ^{(1), (2), (3)}</span><sup id="xdx_F4F_z8OjG2CUHwba" style="display: none">(1)(2)(3)</sup></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2.20</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span id="xdx_F0B_zbyVCDBhs5lc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zeo68cnWGs78" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses are estimated for the Fund’s initial fiscal year.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span id="xdx_F0E_zEYAb5d6yge" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zlxVtgZCzH16" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 5% for the fiscal year ending June 30, 2027.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span id="xdx_F0A_zrqnUzu3yQh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zpOP7KZGZBb8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0200 0.0020 0.0220 0.0220 Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zblEi2pHCVXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The figures shown would be the same whether or not you sold your Shares at the end of each period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zx93Q7jKG5M3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z5YmlPyIV5Qk" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eoef--ExpenseExampleYear01_c20260526__20260526__oef--ClassAxis__custom--C000275922Member_zjhVnsHSeock" style="width: 47%; text-align: right">220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eoef--ExpenseExampleYear03_c20260526__20260526__oef--ClassAxis__custom--C000275922Member_zslZ8thQDyD6" style="width: 47%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 220 713 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zCkI8bkyhZxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. The Fund does not have any portfolio turnover because it has not yet been launched.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zcCIu1KF1fxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the Underlying Stock by entering into financial instruments such as swaps and options on the Underlying Stock. At the end of each trading day, the notional exposure against the Underlying Stock obtained through the combination of these instruments will be approximately -200% of the Fund’s net asset value. The Fund aims to generate the inverse daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will aim to primarily obtain its notional exposure against the Underlying Stock through swap agreements. In case the Fund faces restriction in increasing its swap notional exposure, it may use option contracts on the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swaps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to post between 25% and 50% of its assets as collateral under the swap agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously buy an at-the-money put option contract and sell an at-the-money call option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Stock. The Fund will pay the premium for each put option contract bought and receive the premium for each call option sold. The Fund’s participation in potential changes in the price of the Underlying Stock is based on the price of the Underlying Stock at the time the Fund buys the put and sells the call option contracts, the strike price of the call (put) option contract and the Underlying Stock price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Stock. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Stock) the option at a specified exercise price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An option is said to be “European Style” when it can be exercised only at expiration whereas an “American Style” option can be exercised at any time prior to expiration. The Fund may use either European or American style options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s cash balance may be invested in the following instruments: (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as collateral for the Fund’s swap agreements; (5) repurchase transactions, which are transactions under which the purchaser (<i>i.e.</i>, the Fund) acquires securities and the seller agrees, at the time of the sale, to repurchase the securities at a mutually agreed-upon time and price, thereby determining the yield during the purchaser’s holding period, and/or; (6) US equities listed on a national security exchange, sovereign fixed income securities with a credit rating at least equal to the United States Federal Government, or corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade for the purposes of entering into swap agreements with the Fund’s swap counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has adopted a policy to have at least 80% of its investment exposure to financial instruments with economic characteristics that should have 2 times the inverse performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock offers a complete cloud analytics and data platform for artificial intelligence (AI). Teradata Vantage is the Company’s open and connected platform that is designed to allow organizations to leverage all their data across an enterprise, in a hybrid environment. Teradata Vantage platform includes Teradata VantageCloud and Teradata VantageCore. The Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-287322 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, THE GRANITESHARES ETF TRUST, AND GRANITESHARES ADVISORS LLC ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of the Underlying Stock. The common stock of the Underlying Stock 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 the Underlying Stock pursuant to the Exchange Act can be located at the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the Underlying Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_zqPZoACAB6n5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s NAV and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingStockRiskMember_znQxtmjCwTY7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Stock Risk</i>: The Fund’s performance depends on the performance of the Underlying Stock. The price of the Underlying Stock can be affected by a number of factors. Investing in the Underlying Stock involves a high degree of risk. The Underlying Stock operates in a rapidly changing and highly competitive industry. Returns depend in part on the Underlying Stock’s ability to develop, enhance, and commercialize its data and artificial intelligence platforms and expand customer adoption. The Underlying Stock faces intense competition from large cloud service providers and enterprise software companies, many of which offer competing or integrated solutions. The Underlying Stock relies on third-party cloud infrastructure, and disruptions, pricing changes, or strategic shifts by providers could adversely affect its business. The Underlying Stock’s platforms are complex, and product failures, security vulnerabilities, or implementation challenges could result in customer loss or reputational harm. The Underlying Stock may not sustain its growth rate or achieve profitability due to continued investment requirements and macroeconomic conditions. Any of these factors may materially and adversely impact the price of the Underlying Stock shares, increase volatility, and negatively impact the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z7kdps81LTfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Effects of Compounding and Market Volatility Risk</i>: The Fund aims to replicate the daily inverse returns of the Underlying Stock 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 Underlying Stock’s performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that aims to replicate inverse daily returns. For a Fund aiming to replicate the inverse performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes pronounced as the Underlying Stock volatility and the holding period 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 the Underlying Stock during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.0% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Stock’s annualized volatility is 100%, the Inverse Fund would be expected to lose 95.3% of its value, even if the cumulative Underlying Stock’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Inverse Fund can be expected to return less than -200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Stock. The Inverse Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Year Performance of the Underlying Stock</span></td> <td rowspan="2" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt dotted; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200% of One Year<br/> Performance of the<br/> Underlying Stock</span></td> <td colspan="7" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility of the Underlying Stock (annualized)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36110.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31935.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18570.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7461.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.9%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9182.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7895.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4554.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1756.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">406.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.5%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.3%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2261.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1930.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1074.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">367.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.5%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">962.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">421.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">415.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">230.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-48.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #DA8E86; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.0%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.1%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.8%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.5%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.7%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.2%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-200%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.6%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-78.3%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.7%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.4%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.9%</span></td> <td style="border-right: black 1pt dotted; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: black 1pt solid; background-color: #C5E0B3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Stock’s annualized historical volatility rate for the 5-year period ended April 30, 2026, was 46.7%. During the period observed the Underlying Stock’s highest volatility rate over the period was 52.7% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the period observed was -14.5%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zcEQtwthbFxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Correlation Risk:</i> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from -200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with the Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect -200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with the Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. 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 correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. 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 Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zsdRYYcTrIu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short Sale Exposure Risk:</i> The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value, or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zcTdE8YDL9la" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zlDFv6C2w1F" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk:</i> The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundStructureRiskMember_zR5fcfVTgLbg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange Traded Fund Structure Risk: </i>The Fund is structured as an exchange traded fund and as a result is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of exchange traded funds and in executing trades, which can lead to differences between the market value of Fund shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Fund’s shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s NAV.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An active trading market for the Fund’s shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Fund’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivative 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, including the desired daily inverse performance for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zCMKajHblBK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk:</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zfysnPYS9xG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk:</i> The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zMiDdNQtnrn4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedRiskMember_zvI8uDkeX5Wi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Risk:</i> The Fund’s portfolio focuses on the Underlying Stock and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zGzN2mK1Vt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk:</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsRiskMember_zqPuqETguB8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Contracts Risk: </i>The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying Stock. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such a date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Furthermore, when the Fund seeks to trade out of positions, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions. If the Fund sells non-cash settled options contracts, it would be obligated to receive shares of the Underlying Stock when the option is exercised. Consequently, there is a risk that the Fund may have to physically acquire the Underlying Stock shares at the strike price, which could result in the Fund holding the Underlying Stock, and an asset that has declined in value. The level of exposure obtained through option contracts should at most be equal to the Fund’s Daily Leverage Factor times the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zA4WlJz8mLzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rebalancing Risk</i>: If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zo3u5h3lbyw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Halt Risk: </i>Although the Underlying Stock’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 and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zR2zgjDLNFpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tracking Error Risk</i>: Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2 times the daily percentage change of the Underlying Stock. The performance of the Fund may diverge from that of its investment objective for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Stock or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInUSEquitiesRiskMember_zfC2kHdnd9E7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing in U.S. Equities Risk:</i> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryRiskMember_zrYehj9rWMcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>US Treasury Risk:</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. The Fund may be subject to such risk to the extent it invests in securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z6IVVhLC4ffh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk:</i> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zr8nknBgYTDl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000105185Member_zSVeiQ5kDD25">Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus.</span> Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending December 31, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 4% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.50%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment. 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 5% for the fiscal year ending June 30, 2027. GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 3.00%. This agreement is effective until December 31, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.